MGP Ingredients (NASDAQ:MGPI – Get Free Report) announced its earnings results on Thursday. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02, Briefing.com reports. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same period in the previous year, the business earned $1.34 EPS. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. MGP Ingredients updated its FY24 guidance to $5.55-5.65 EPS.
MGP Ingredients Stock Performance
MGPI traded down $2.52 during midday trading on Friday, hitting $45.52. 1,023,356 shares of the company were exchanged, compared to its average volume of 232,152. The company’s 50 day simple moving average is $78.66 and its 200 day simple moving average is $78.64. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 0.92 and a beta of 0.59. MGP Ingredients has a 1-year low of $45.48 and a 1-year high of $102.42. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34.
MGP Ingredients Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. MGP Ingredients’s dividend payout ratio is presently 9.98%.
Insider Activity
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Truist Financial lowered their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Roth Mkm reduced their target price on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $86.60.
Read Our Latest Research Report on MGPI
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.
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