MGP Ingredients (NASDAQ:MGPI) Issues Q3 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.29 for the period, compared to the consensus earnings per share estimate of $1.44. The company issued revenue guidance of $161.5 million, compared to the consensus revenue estimate of $186.51 million.

Analyst Ratings Changes

MGPI has been the subject of a number of recent analyst reports. Truist Financial dropped their price objective on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday. Roth Mkm restated a “buy” rating and issued a $92.00 price target on shares of MGP Ingredients in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI traded up $1.10 during mid-day trading on Thursday, reaching $81.53. The stock had a trading volume of 85,953 shares, compared to its average volume of 191,089. The company has a market cap of $1.79 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59. The business’s 50 day moving average price is $84.63 and its 200 day moving average price is $80.30. 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 has a 1 year low of $68.86 and a 1 year high of $102.58.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The business had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. During the same period in the prior year, the firm earned $1.49 EPS. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. Research analysts expect that MGP Ingredients will post 6.25 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the sale, the director now directly owns 54,542 shares of the company’s stock, valued at $4,944,232.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 36.20% of the stock is owned by insiders.

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.