MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $5.55-5.65 for the period, compared to the consensus estimate of $5.57. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.26 million.

MGP Ingredients Trading Down 5.2 %

NASDAQ:MGPI opened at $45.52 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.22 and a current ratio of 6.46. MGP Ingredients has a 1 year low of $45.48 and a 1 year high of $102.42. The stock has a fifty day moving average price of $77.75 and a two-hundred day moving average price of $78.41. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 0.78 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. As a group, sell-side analysts anticipate that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients’s payout ratio is 9.98%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MGPI. Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Roth Mkm dropped their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday. Finally, Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $86.60.

Insider Activity

In other news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the transaction, the director now directly owns 54,542 shares in the company, valued at approximately $4,944,232.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.