MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

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

MGP Ingredients Trading Down 1.9 %

Shares of MGPI stock opened at $41.80 on Friday. MGP Ingredients has a twelve month low of $41.78 and a twelve month high of $102.42. The firm has a 50-day moving average price of $52.86 and a 200 day moving average price of $70.92. The company has a market capitalization of $917.51 million, a price-to-earnings ratio of 8.69, a PEG ratio of 0.74 and a beta of 0.63. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $161.55 million. During the same period last year, the company earned $1.34 earnings per share. The company’s quarterly revenue was down 23.7% on a year-over-year basis. Research analysts forecast that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.15%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Finally, Truist Financial cut their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.67.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.