MGP Ingredients (NASDAQ:MGPI) Releases FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $5.55-5.65 for the period, compared to the consensus estimate of $5.58. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.73 million.

MGP Ingredients Stock Up 1.1 %

Shares of NASDAQ:MGPI opened at $40.27 on Friday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a fifty-two week low of $38.65 and a fifty-two week high of $102.42. The stock has a market cap of $884.05 million, a price-to-earnings ratio of 8.37, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The firm’s 50 day moving average price is $48.07 and its 200 day moving average price is $69.51.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period last year, the firm earned $1.34 earnings per share. As a group, equities research analysts predict that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Loop Capital set a $75.00 target price on MGP Ingredients in a report on Friday, October 18th. Finally, Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.83.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate 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.