MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $6.12-$6.23 for the period, compared to the consensus EPS estimate of $6.17. The company issued revenue guidance of $742-$756 million, compared to the consensus revenue estimate of $755.87 million.

MGP Ingredients Price Performance

Shares of MGPI stock opened at $81.55 on Thursday. The stock’s fifty day moving average is $75.48 and its 200-day moving average is $80.67. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.97 and a current ratio of 6.32. The stock has a market capitalization of $1.79 billion, a PE ratio of 18.83, a PEG ratio of 1.20 and a beta of 0.59. MGP Ingredients has a 52 week low of $68.86 and a 52 week high of $124.96.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, May 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.00 by $0.07. The company had revenue of $170.56 million for the quarter, compared to analysts’ expectations of $170.31 million. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.39 earnings per share. Equities research analysts expect that MGP Ingredients will post 6.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MGPI has been the topic of several research analyst reports. Wedbush restated an outperform rating and set a $120.00 target price on shares of MGP Ingredients in a report on Monday, April 29th. Roth Mkm reiterated a buy rating and issued a $92.00 price target on shares of MGP Ingredients in a report on Thursday, July 25th. Finally, StockNews.com cut MGP Ingredients from a hold rating to a sell rating in a report on Friday, April 26th.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 2,430 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total value of $191,678.40. Following the transaction, the director now owns 47,287 shares of the company’s stock, valued at $3,729,998.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other MGP Ingredients news, Director Lori L.S. Mingus sold 2,430 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total value of $191,678.40. Following the transaction, the director now owns 47,287 shares of the company’s stock, valued at $3,729,998.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donn S. Lux sold 10,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the transaction, the director now directly owns 2,695,264 shares in the company, valued at approximately $223,706,912. The disclosure for this sale can be found here. Insiders have sold a total of 34,430 shares of company stock worth $2,836,678 over the last 90 days. 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.