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

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Friday morning. 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

Several research firms have recently commented on MGPI. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Truist Financial lowered their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Lake Street Capital lowered 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. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Down 1.9 %

MGPI opened at $41.80 on Friday. The company has a fifty day moving average of $52.86 and a two-hundred day moving average of $70.92. The stock has a market capitalization of $917.51 million, a price-to-earnings ratio of 8.69, a PEG ratio of 0.74 and a beta of 0.63. MGP Ingredients has a fifty-two week low of $41.78 and a fifty-two week high of $102.42. 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 (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 EPS. On average, research analysts expect that MGP Ingredients will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

Insider Activity

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 36.20% of the company’s stock.

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.