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

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS estimate of 5.580. The company issued revenue guidance of $695.0 million-$705.0 million, compared to the consensus revenue estimate of $699.7 million. MGP Ingredients also updated its FY24 guidance to $5.55-5.65 EPS.

Analysts Set New Price Targets

Several research analysts have commented on MGPI shares. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Lake Street Capital downgraded shares of 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. Roth Mkm decreased 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. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Stock Down 4.3 %

NASDAQ:MGPI opened at $40.00 on Friday. The firm’s 50 day simple moving average is $52.10 and its 200 day simple moving average is $70.71. The company has a market cap of $878.12 million, a PE ratio of 8.32, a P/E/G ratio of 0.74 and a beta of 0.63. MGP Ingredients has a one year low of $38.84 and a one year high of $102.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 earnings per share. On average, research analysts anticipate that MGP Ingredients will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

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 dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Activity at MGP Ingredients

In other MGP Ingredients 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 transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is 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.