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

MGP Ingredients (NASDAQ:MGPI) issued an update on its third quarter 2024 earnings guidance on Thursday morning. 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.

MGP Ingredients Trading Down 24.2 %

MGPI opened at $61.86 on Friday. The business has a 50 day moving average of $84.57 and a 200-day moving average of $80.31. The stock has a market cap of $1.36 billion, a PE ratio of 14.29, a PEG ratio of 1.16 and a beta of 0.59. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. MGP Ingredients has a 52 week low of $59.10 and a 52 week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, beating 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 company had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. During the same quarter last year, the company earned $1.49 EPS. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. Equities research analysts predict that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $135.00 to $75.00 in a research report on Friday. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday. Truist Financial dropped their target price on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Roth Mkm dropped their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a report on Friday. 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.com, MGP Ingredients has a consensus rating of “Moderate Buy” and an average price target of $90.60.

Insider Buying and Selling

In other news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 36.20% of the stock is currently owned by company insiders.

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.