2022-11-24 14:15:07

MGP Ingredients, Inc. (MGPI) Hit a 52 Week High, Can the Run Continue?

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Nasdaq
By Zacks

Have you been paying attention to shares of MGP (MGPI)? Shares have been on the move with the stock up 13.6% over the past month. The stock hit a new 52-week high of $124.96 in the previous session. MGP has gained 46.5% since the start of the year compared to the -2.8% move for the Zacks Consumer Staples sector and the 5.9% return for the Zacks Food - Miscellaneous industry.

What's Driving the Outperformance?

The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on November 3, 2022, MGP reported EPS of $1.06 versus consensus estimate of $0.96 while it beat the consensus revenue estimate by 4.05%.

For the current fiscal year, MGP is expected to post earnings of $4.77 per share on $777.14 million in revenues. This represents a 12.5% change in EPS on a 24% change in revenues. For the next fiscal year, the company is expected to earn $5.07 per share on $833.96 million in revenues. This represents a year-over-year change of 6.18% and 7.31%, respectively.

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