MGP Ingredients (NASDAQ:MGPI) Releases FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $5.55-5.65 for the period, compared to the consensus earnings per share 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 stock traded down $2.52 during midday 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 company has a quick ratio of 2.22, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 12 month low of $45.48 and a 12 month high of $102.42. The company has a 50 day moving average of $77.75 and a two-hundred day moving average of $78.41. The firm 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 (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the firm earned $1.34 EPS. The business’s revenue was down 23.7% on a year-over-year basis. On average, analysts expect that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.05%. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Analyst Ratings Changes

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

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg sold 12,092 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were 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 owns 54,542 shares of the company’s stock, valued at $4,944,232.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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.