MGP Ingredients (MGPI) to Release Earnings on Thursday

MGP Ingredients (NASDAQ:MGPI) is scheduled to be issuing its quarterly earnings data before the market opens on Thursday, October 31st. Analysts expect the company to announce earnings of $1.35 per share for the quarter. MGP Ingredients has set its FY24 guidance at $6.12-$6.23 EPS and its FY 2024 guidance at 6.120-6.230 EPS.Parties that wish to listen to the company’s conference call can do so using this link.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The business had revenue of $190.80 million for the quarter, compared to the consensus estimate of $189.06 million. During the same period last year, the company earned $1.49 EPS. The firm’s revenue was down 8.7% compared to the same quarter last year. On average, analysts expect MGP Ingredients to post $6 EPS for the current fiscal year and $5 EPS for the next fiscal year.

MGP Ingredients Trading Up 2.3 %

Shares of NASDAQ MGPI opened at $58.69 on Tuesday. The firm has a 50 day moving average price of $80.73 and a two-hundred day moving average price of $79.16. The stock has a market cap of $1.29 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 0.93 and a beta of 0.59. MGP Ingredients has a 52-week low of $56.50 and a 52-week high of $102.42. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.82%. MGP Ingredients’s dividend payout ratio is 11.11%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MGPI has been the topic of several recent research reports. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Roth Mkm decreased their target price on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Finally, Truist Financial reduced their price objective on shares of MGP Ingredients from $95.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MGP Ingredients currently has a consensus rating of “Hold” and an average target price of $88.60.

About MGP Ingredients

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.