MGP Ingredients (NASDAQ:MGPI) Issues Earnings Results

MGP Ingredients (NASDAQ:MGPI) announced its quarterly earnings data on Thursday. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07, Briefing.com reports. The firm had revenue of $170.56 million during the quarter, compared to analysts’ expectations of $170.31 million. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.39 EPS. MGP Ingredients updated its FY24 guidance to $6.12-6.23 EPS.

MGP Ingredients Price Performance

Shares of MGPI stock traded down $1.64 on Friday, reaching $80.62. The company had a trading volume of 157,200 shares, compared to its average volume of 185,554. The stock has a market capitalization of $1.77 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 1.21 and a beta of 0.75. The company has a quick ratio of 1.47, a current ratio of 6.32 and a debt-to-equity ratio of 0.34. The business’s 50-day moving average is $81.84 and its 200 day moving average is $88.79. MGP Ingredients has a one year low of $75.78 and a one year high of $124.96.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.60%. The ex-dividend date is Thursday, May 16th. MGP Ingredients’s payout ratio is 11.09%.

Analyst Upgrades and Downgrades

MGPI has been the subject of a number of analyst reports. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. Wedbush reaffirmed an “outperform” rating and set a $120.00 price target on shares of MGP Ingredients in a report on Monday, April 29th. Finally, Roth Mkm decreased their price objective on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday.

Insider Activity at MGP Ingredients

In related news, VP Erika Lapish bought 500 shares of the business’s stock in a transaction on Monday, February 26th. The shares were purchased at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the transaction, the vice president now directly owns 550 shares of the company’s stock, valued at approximately $42,823. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 36.20% of the stock is currently owned by insiders.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.