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

MGP Ingredients (NASDAQ:MGPI) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 5.550-5.650 for the period, compared to the consensus earnings per share estimate of 6.240. The company issued revenue guidance of $695.0 million-$705.0 million, compared to the consensus revenue estimate of $755.3 million. MGP Ingredients also updated its Q3 guidance to $1.29 EPS.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $61.86 on Friday. The stock has a 50-day moving average price of $84.57 and a two-hundred day moving average price of $80.31. The company has a market capitalization of $1.36 billion, a PE ratio of 14.29, a P/E/G ratio of 1.16 and a beta of 0.59. MGP Ingredients has a 12 month low of $59.10 and a 12 month high of $102.42. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data 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 analyst estimates of $189.06 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.49 earnings per share. Analysts expect that MGP Ingredients will post 6.25 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s payout ratio is 11.09%.

Analysts Set New Price Targets

MGPI has been the subject of several recent research reports. Truist Financial decreased their target price on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday. Roth Mkm lowered 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. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $135.00 to $75.00 in a report on Friday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus price target of $90.60.

Insider Activity

In other news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate 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.