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.

Analysts Set New Price Targets

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

MGP Ingredients Stock Performance

MGPI traded down $2.52 during trading hours on Friday, reaching $45.52. The company’s stock had a trading volume of 1,024,184 shares, compared to its average volume of 564,700. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.22 and a current ratio of 6.46. The company’s 50-day moving average is $77.75 and its 200-day moving average is $78.41. MGP Ingredients has a 52 week low of $45.48 and a 52 week high of $102.42. The firm has a market cap of $1.00 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.78 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same period last year, the firm posted $1.34 EPS. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. On average, equities analysts forecast that MGP Ingredients will post 5.58 EPS for the current 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 $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s payout ratio is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other 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 transaction of $1,096,139.80. Following the sale, the director now directly owns 54,542 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Company 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.