MGP Ingredients (NASDAQ:MGPI) Releases Quarterly Earnings Results, Beats Expectations By $0.17 EPS

MGP Ingredients (NASDAQ:MGPI) released its quarterly earnings data on Thursday. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.17, Briefing.com reports. The business had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. MGP Ingredients’s revenue was down 8.7% compared to the same quarter last year. During the same period last year, the firm posted $1.49 earnings per share. MGP Ingredients updated its FY24 guidance to $6.12-$6.23 EPS and its FY 2024 guidance to 6.120-6.230 EPS.

MGP Ingredients Trading Down 1.1 %

NASDAQ MGPI traded down $0.99 on Friday, hitting $85.10. The company’s stock had a trading volume of 209,276 shares, compared to its average volume of 173,680. The firm has a market cap of $1.87 billion, a PE ratio of 19.65, a PEG ratio of 1.27 and a beta of 0.59. The company’s 50-day moving average is $75.94 and its 200 day moving average is $80.59. The company has a quick ratio of 1.97, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. MGP Ingredients has a 1-year low of $68.86 and a 1-year high of $124.96.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.56%. MGP Ingredients’s dividend payout ratio is presently 11.09%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MGPI. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. Roth Mkm restated a “buy” rating and issued a $92.00 target price on shares of MGP Ingredients in a research report on Thursday, July 25th. Finally, Wedbush reiterated an “outperform” rating and set a $120.00 price target on shares of MGP Ingredients in a report on Monday, April 29th.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 2,430 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total value of $191,678.40. Following the sale, the director now directly owns 47,287 shares in the company, valued at $3,729,998.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Donn S. Lux sold 10,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $83.00, for a total value of $830,000.00. Following the transaction, the director now directly owns 2,695,264 shares of the company’s stock, valued at approximately $223,706,912. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lori L.S. Mingus sold 2,430 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total value of $191,678.40. Following the sale, the director now owns 47,287 shares in the company, valued at approximately $3,729,998.56. The disclosure for this sale can be found here. Insiders sold a total of 34,430 shares of company stock valued at $2,836,678 in the last three months. Insiders own 36.20% of the company’s stock.

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.