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 also updated its FY 2024 guidance to 5.550-5.650 EPS.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $40.00 on Friday. The firm has a market capitalization of $878.12 million, a PE ratio of 8.32, a P/E/G ratio of 0.74 and a beta of 0.63. 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 company has a 50-day moving average price of $52.10 and a two-hundred day moving average price of $70.71. MGP Ingredients has a twelve month low of $38.84 and a twelve month high of $102.42.

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

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors 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 yield of 1.20%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Analysts Set New Price Targets

MGPI has been the topic of several analyst reports. Truist Financial decreased their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Roth Mkm lowered their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Finally, TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three equities research 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.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

Insider Activity at MGP Ingredients

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