MGP Ingredients (NASDAQ:MGPI) Updates Q3 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.29 for the period, compared to the consensus earnings per share estimate of $1.44. The company issued revenue guidance of $161.5 million, compared to the consensus revenue estimate of $186.51 million. MGP Ingredients also updated its FY 2024 guidance to 5.550-5.650 EPS.

MGP Ingredients Price Performance

NASDAQ:MGPI opened at $81.57 on Friday. 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 capitalization of $1.80 billion, a P/E ratio of 18.84, a P/E/G ratio of 1.16 and a beta of 0.59. MGP Ingredients has a 12 month low of $68.86 and a 12 month high of $102.58. The business’s 50-day moving average is $84.57 and its 200 day moving average is $80.31.

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

MGP Ingredients Dividend Announcement

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

Analysts Set New Price Targets

MGPI has been the topic of a number of recent research reports. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a research report on Friday. Truist Financial decreased their price objective on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Roth Mkm restated a “buy” rating and set a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus target price of $95.50.

Insider Activity

In other news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total transaction 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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.