MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) updated its FY24 earnings guidance on Thursday. 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.

Wall Street Analyst Weigh In

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

MGP Ingredients Stock Down 5.2 %

Shares of MGP Ingredients stock opened at $45.52 on Friday. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 0.78 and a beta of 0.66. MGP Ingredients has a twelve month low of $45.48 and a twelve month high of $102.42. The company has a current ratio of 6.46, a quick ratio of 2.22 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $77.75 and its 200-day simple moving average is $78.41.

MGP Ingredients (NASDAQ:MGPI) last issued its 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 firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same period last year, the company earned $1.34 earnings per share. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. Equities research analysts forecast that MGP Ingredients will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

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

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 36.20% of the stock is owned by company 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.