MGP Ingredients (NASDAQ:MGPI – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.55-5.65 for the period, compared to the consensus 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 Stock Performance
Shares of MGPI traded down $2.52 during trading hours on Friday, reaching $45.52. 1,024,184 shares of the company traded hands, 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. The business has a fifty day moving average price of $77.75 and a 200-day moving average price of $78.41. MGP Ingredients has a 12-month low of $45.48 and a 12-month high of $102.42. The stock has a market capitalization of $1.00 billion, a P/E ratio of 9.46, a P/E/G ratio of 0.78 and a beta of 0.66.
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same period in the prior year, the company earned $1.34 earnings per share. The company’s revenue was down 23.7% on a year-over-year basis. Equities analysts anticipate that MGP Ingredients will post 5.58 EPS for the current fiscal year.
MGP Ingredients Dividend Announcement
Analyst Upgrades and Downgrades
Several analysts have recently commented on MGPI shares. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. Roth Mkm reduced their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Finally, Truist Financial dropped their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.60.
Get Our Latest Analysis on MGPI
Insiders Place Their Bets
In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.
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