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

MGP Ingredients (NASDAQ:MGPI) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS estimate of 5.580. The company issued revenue guidance of $695.0 million-$705.0 million, compared to the consensus revenue estimate of $699.7 million. MGP Ingredients also updated its FY24 guidance to $5.55-5.65 EPS.

Wall Street Analyst Weigh In

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

MGP Ingredients Trading Down 4.3 %

NASDAQ:MGPI opened at $40.00 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients has a 1 year low of $38.84 and a 1 year high of $102.42. The stock has a market cap of $878.12 million, a P/E ratio of 8.32, a P/E/G ratio of 0.74 and a beta of 0.63. The stock has a 50-day simple moving average of $51.31 and a 200-day simple moving average of $70.46.

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

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.20%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 36.20% of the stock is currently owned by insiders.

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.