MGP Ingredients (NASDAQ:MGPI) Releases Q3 2024 Earnings Guidance

MGP Ingredients (NASDAQ:MGPIGet Free Report) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.290-1.290 for the period, compared to the consensus estimate of 1.440. The company issued revenue guidance of $161.5 million-$161.5 million, compared to the consensus revenue estimate of $185.3 million. MGP Ingredients also updated its FY 2024 guidance to 5.550-5.650 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MGPI shares. Roth Mkm reiterated a “buy” rating and set a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. Truist Financial cut their price objective on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th.

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MGP Ingredients Stock Up 1.4 %

Shares of NASDAQ:MGPI traded up $1.14 during trading on Thursday, hitting $81.57. 145,601 shares of the company’s stock traded hands, compared to its average volume of 191,441. The company has a 50-day moving average price of $84.57 and a 200-day moving average price of $80.31. MGP Ingredients has a 52 week low of $68.86 and a 52 week high of $102.58. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 18.84, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPIGet Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The business had revenue of $190.80 million during the quarter, compared to the consensus estimate of $189.06 million. During the same period last year, the company earned $1.49 earnings per share. MGP Ingredients’s quarterly revenue was down 8.7% on a year-over-year basis. As a group, research analysts forecast that MGP Ingredients will post 6.25 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. MGP Ingredients’s dividend payout ratio (DPR) is currently 11.09%.

Insider Transactions at MGP Ingredients

In related 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 value of $1,096,139.80. Following the transaction, the director now owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is owned by company insiders.

About MGP Ingredients

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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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Earnings History and Estimates for MGP Ingredients (NASDAQ:MGPI)

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