MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $5.55-5.65 for the period, compared to the consensus EPS estimate of $5.57. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.26 million.

MGP Ingredients Price Performance

MGPI traded down $2.52 during trading on Friday, hitting $45.52. The company’s stock had a trading volume of 1,024,184 shares, compared to its average volume of 564,700. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 0.78 and a beta of 0.66. MGP Ingredients has a 12 month low of $45.48 and a 12 month high of $102.42. The company has a quick ratio of 2.22, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $77.75 and its two-hundred day moving average price is $78.41.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.34 earnings per share. Sell-side analysts forecast that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients’s payout ratio is currently 9.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MGPI shares. Truist Financial dropped their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Roth Mkm decreased their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Finally, Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, MGP Ingredients currently has a consensus rating of “Moderate Buy” and an average target price of $86.60.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the transaction, the director now directly owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.20% of the company’s stock.

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.