MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Friday morning. The company provided EPS guidance of $5.55-5.65 for the period, compared to the consensus EPS 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 Stock Performance

Shares of MGPI stock opened at $40.27 on Friday. MGP Ingredients has a 52-week low of $38.65 and a 52-week high of $102.42. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a market cap of $884.05 million, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The business has a 50-day simple moving average of $48.07 and a 200-day simple moving average of $69.51.

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

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.19%. MGP Ingredients’s payout ratio is currently 9.98%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MGPI. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Truist Financial dropped their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.83.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 36.20% of the stock is currently 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.