MGP Ingredients (NASDAQ:MGPI) Issues Earnings Results

MGP Ingredients (NASDAQ:MGPI) announced its earnings results on Thursday. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17, Briefing.com reports. The business had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 EPS. 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 Stock Performance

MGPI traded down $0.99 during midday trading on Friday, reaching $85.10. The company had a trading volume of 209,276 shares, compared to its average volume of 173,680. The business has a 50-day moving average of $75.94 and a two-hundred day moving average of $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. The company has a market cap of $1.87 billion, a P/E ratio of 19.65, a P/E/G ratio of 1.27 and a beta of 0.59.

MGP Ingredients Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Activity

In other MGP Ingredients news, Director Donn S. Lux sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $82.50, for a total value of $1,815,000.00. Following the completion of the transaction, the director now directly owns 2,673,264 shares in the company, valued at $220,544,280. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Donn S. Lux sold 10,000 shares of MGP Ingredients stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $83.00, for a total transaction of $830,000.00. Following the sale, the director now owns 2,695,264 shares of the company’s stock, valued at approximately $223,706,912. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donn S. Lux sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $82.50, for a total value of $1,815,000.00. Following the completion of the transaction, the director now owns 2,673,264 shares of the company’s stock, valued at $220,544,280. The disclosure for this sale can be found here. Insiders have sold a total of 34,430 shares of company stock valued at $2,836,678 in the last ninety days. Corporate insiders own 36.20% of the company’s stock.

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.