MGP Ingredients (NASDAQ:MGPI) Shares Gap Up Following Better-Than-Expected Earnings

MGP Ingredients, Inc. (NASDAQ:MGPI) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $23.67, but opened at $25.66. MGP Ingredients shares last traded at $25.67, with a volume of 82,975 shares.

The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.23. MGP Ingredients had a positive return on equity of 10.66% and a negative net margin of 1.08%.The firm had revenue of $130.91 million for the quarter, compared to the consensus estimate of $128.33 million. During the same quarter in the previous year, the company posted $1.29 earnings per share. The business’s quarterly revenue was down 18.9% compared to the same quarter last year. MGP Ingredients has set its FY 2025 guidance at 2.600-2.750 EPS.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a $0.12 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.9%. MGP Ingredients’s payout ratio is -154.84%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wells Fargo & Company reduced their price target on MGP Ingredients from $38.00 to $33.00 and set an “overweight” rating for the company in a research report on Thursday, September 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGP Ingredients in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.60.

Hedge Funds Weigh In On MGP Ingredients

Large investors have recently made changes to their positions in the business. Penserra Capital Management LLC lifted its position in shares of MGP Ingredients by 333.3% during the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock worth $26,000 after purchasing an additional 690 shares during the last quarter. Deutsche Bank AG lifted its position in shares of MGP Ingredients by 1,564.2% during the 1st quarter. Deutsche Bank AG now owns 214,060 shares of the company’s stock worth $6,289,000 after purchasing an additional 201,197 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company’s stock worth $44,000 after purchasing an additional 800 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of MGP Ingredients by 28.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 168,534 shares of the company’s stock worth $4,952,000 after purchasing an additional 36,951 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of MGP Ingredients by 24.9% during the 1st quarter. Rhumbline Advisers now owns 51,780 shares of the company’s stock worth $1,521,000 after purchasing an additional 10,316 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Stock Up 4.3%

The company has a current ratio of 2.91, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35. The firm has a market cap of $525.65 million, a price-to-earnings ratio of -79.65 and a beta of 0.37. The firm has a 50-day moving average of $26.33 and a two-hundred day moving average of $28.77.

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.