MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Roth Mkm decreased their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. TD Cowen lowered 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 report on Wednesday, November 6th. Finally, Truist Financial dropped their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.83.

MGP Ingredients Trading Up 1.1 %

Shares of MGP Ingredients stock opened at $40.27 on Friday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $48.07 and a 200-day simple moving average of $69.51. The stock has a market cap of $884.05 million, a price-to-earnings ratio of 8.37, a PEG ratio of 0.74 and a beta of 0.63. MGP Ingredients has a 12-month low of $38.65 and a 12-month high of $102.42.

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

MGP Ingredients Dividend Announcement

The company also recently declared 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. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.19%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other 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 shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 36.20% of the stock is owned by company 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.