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

MGP Ingredients (NASDAQ:MGPI) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 1.290-1.290 for the period, compared to the consensus earnings per share 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.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Roth Mkm decreased their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday. Truist Financial lowered their price target on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $135.00 to $75.00 in a report on Friday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.60.

MGP Ingredients Trading Down 24.2 %

Shares of NASDAQ:MGPI opened at $61.86 on Friday. The business’s 50 day simple moving average is $84.57 and its 200 day simple moving average is $80.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. MGP Ingredients has a 1 year low of $59.10 and a 1 year high of $102.42. The company has a market capitalization of $1.36 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.16 and a beta of 0.59.

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

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.78%. MGP Ingredients’s dividend payout ratio is currently 11.09%.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 36.20% of the stock is currently owned by 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.