MGP Ingredients (NASDAQ:MGPI – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $6.12-6.23 for the period, compared to the consensus earnings per share estimate of $6.16. The company issued revenue guidance of $742-756 million, compared to the consensus revenue estimate of $754.65 million.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on MGPI. StockNews.com downgraded MGP Ingredients from a hold rating to a sell rating in a research report on Friday, April 26th. Wedbush reaffirmed an outperform rating and issued a $120.00 target price on shares of MGP Ingredients in a research report on Monday, April 29th. Finally, Roth Mkm dropped their target price on MGP Ingredients from $95.00 to $92.00 and set a buy rating for the company in a research report on Friday.
Check Out Our Latest Report on MGPI
MGP Ingredients Stock Down 2.0 %
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.07 EPS for the quarter, topping 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 return on equity of 14.78% and a net margin of 11.91%. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. As a group, equities analysts forecast that MGP Ingredients will post 6.18 EPS for the current year.
MGP Ingredients Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Thursday, May 16th. MGP Ingredients’s payout ratio is 11.09%.
Insider Buying and Selling
In other MGP Ingredients news, VP Erika Lapish bought 500 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the purchase, the vice president now directly owns 550 shares in the company, valued at $42,823. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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.
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