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

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.550-5.650 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

MGPI has been the topic of a number of research analyst reports. Truist Financial dropped their price target on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Roth Mkm restated a “buy” rating and set a $92.00 target price on shares of MGP Ingredients in a research note on Thursday, July 25th.

MGP Ingredients Trading Up 1.4 %

NASDAQ MGPI traded up $1.14 on Thursday, reaching $81.57. The company had a trading volume of 145,601 shares, compared to its average volume of 191,441. The business has a 50 day moving average of $84.57 and a two-hundred day moving average of $80.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.16 and a beta of 0.59. MGP Ingredients has a fifty-two week low of $68.86 and a fifty-two week high of $102.58.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly 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. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm had revenue of $190.80 million during the quarter, compared to the consensus estimate of $189.06 million. During the same period last year, the business posted $1.49 EPS. The business’s revenue was down 8.7% compared to the same quarter last year. Analysts forecast that MGP Ingredients will post 6.25 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s payout ratio is 11.09%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg sold 12,092 shares of the stock in a transaction on 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 sale, the director now owns 54,542 shares in the company, valued at approximately $4,944,232.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.