MGP Ingredients (NASDAQ:MGPI) Issues FY 2024 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS estimate of 6.240. The company issued revenue guidance of $695.0 million-$705.0 million, compared to the consensus revenue estimate of $755.3 million. MGP Ingredients also updated its Q3 guidance to $1.29 EPS.

MGP Ingredients Trading Up 1.4 %

Shares of MGP Ingredients stock traded up $1.14 during trading on Thursday, reaching $81.57. 145,601 shares of the stock were exchanged, compared to its average volume of 191,441. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The stock’s fifty day moving average is $84.57 and its 200 day moving average is $80.31. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 18.84, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59. MGP Ingredients has a 1 year low of $68.86 and a 1 year high of $102.58.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.17. The company 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%. MGP Ingredients’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.49 earnings per share. As a group, equities research analysts expect that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s payout ratio is currently 11.09%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Truist Financial decreased their price target on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Roth Mkm reissued a “buy” rating and issued a $92.00 price target on shares of MGP Ingredients in a research note on Thursday, July 25th.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.