MGP Ingredients (NASDAQ:MGPI) Releases 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 $6.16. The company issued revenue guidance of $742-756 million, compared to the consensus revenue estimate of $754.65 million.

MGP Ingredients Stock Down 2.0 %

Shares of MGP Ingredients stock traded down $1.64 during trading on Friday, reaching $80.62. The stock had a trading volume of 157,200 shares, compared to its average volume of 185,554. The company has a current ratio of 6.32, a quick ratio of 1.47 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.19 and a beta of 0.75. MGP Ingredients has a 52 week low of $75.78 and a 52 week high of $124.96. The stock has a fifty day moving average price of $81.84 and a two-hundred day moving average price of $88.69.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The business had revenue of $170.56 million during the quarter, compared to the consensus estimate of $170.31 million. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. The firm’s revenue for the quarter was down 15.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.39 earnings per share. Sell-side analysts predict that MGP Ingredients will post 6.18 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. MGP Ingredients’s payout ratio is 11.09%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MGPI. Roth Mkm cut their target price on shares of MGP Ingredients from $95.00 to $92.00 and set a buy rating for the company in a research note on Friday. Wedbush restated an outperform rating and set a $120.00 price objective on shares of MGP Ingredients in a research report on Monday, April 29th. Finally, StockNews.com downgraded MGP Ingredients from a hold rating to a sell rating in a research report on Friday, April 26th.

Insider Transactions at MGP Ingredients

In other news, VP Erika Lapish bought 500 shares of the company’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the transaction, the vice president now owns 550 shares of the company’s stock, valued at $42,823. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 36.20% of the company’s stock.

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.