MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $6.12-6.23 for the period, compared to the consensus EPS estimate of $6.16. The company issued revenue guidance of $742-756 million, compared to the consensus revenue estimate of $754.65 million.

MGP Ingredients Trading Down 2.0 %

Shares of MGPI opened at $80.62 on Friday. The stock has a market capitalization of $1.77 billion, a P/E ratio of 18.62, a PEG ratio of 1.19 and a beta of 0.75. MGP Ingredients has a twelve month low of $75.78 and a twelve month high of $124.96. The company has a quick ratio of 1.47, a current ratio of 6.32 and a debt-to-equity ratio of 0.34. The firm has a fifty day simple moving average of $81.84 and a two-hundred day simple moving average of $88.69.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. The company had revenue of $170.56 million during the quarter, compared to analyst estimates of $170.31 million. During the same period in the prior year, the business posted $1.39 earnings per share. MGP Ingredients’s revenue for the quarter was down 15.1% on a year-over-year basis. On average, research analysts anticipate that MGP Ingredients will post 6.18 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, May 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

Analyst Ratings Changes

MGPI has been the topic of several recent analyst reports. Wedbush reiterated an outperform rating and issued a $120.00 price target on shares of MGP Ingredients in a report on Monday, April 29th. StockNews.com lowered shares of MGP Ingredients from a hold rating to a sell rating in a research note on Friday, April 26th. Finally, Roth Mkm reduced their price target on shares of MGP Ingredients from $95.00 to $92.00 and set a buy rating on the stock in a research report on Friday.

Insider Buying and Selling

In other news, VP Erika Lapish acquired 500 shares of the stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $77.86 per share, with a total value of $38,930.00. Following the completion of the transaction, the vice president now owns 550 shares of the company’s stock, valued at approximately $42,823. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 36.20% of the stock is owned by insiders.

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.