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

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS 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 Stock Performance

Shares of MGPI stock opened at $81.57 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. MGP Ingredients has a fifty-two week low of $68.86 and a fifty-two week high of $102.58. 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 $1.80 billion, a P/E ratio of 18.84, a PEG ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. The company had revenue of $190.80 million during 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 quarter in the prior year, the company earned $1.49 earnings per share. Analysts expect that MGP Ingredients will post 6.25 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued 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 is presently 11.09%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other MGP Ingredients 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 value of $99,965.26. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.20% of the stock is owned by corporate 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.