MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $5.55-5.65 for the period, compared to the consensus earnings per share estimate of $5.58. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.73 million.

Analyst Ratings Changes

A number of brokerages have issued reports on MGPI. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Roth Mkm cut their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, MGP Ingredients has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Stock Performance

MGPI opened at $41.80 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The company has a market cap of $917.51 million, a PE ratio of 8.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The stock has a 50-day moving average of $52.86 and a 200-day moving average of $70.92. MGP Ingredients has a 52-week low of $41.78 and a 52-week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. The company’s revenue was down 23.7% on a year-over-year basis. As a group, equities research analysts forecast that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.15%. MGP Ingredients’s payout ratio is presently 9.98%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the firm’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 sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 36.20% of the company’s stock.

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.