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 $6.17. The company issued revenue guidance of $742-$756 million, compared to the consensus revenue estimate of $755.87 million.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the stock. Roth Mkm reissued a buy rating and issued a $92.00 price target on shares of MGP Ingredients in a research note on Thursday, July 25th. 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 cut shares of MGP Ingredients from a hold rating to a sell rating in a research report on Friday, April 26th.
View Our Latest Stock Report on MGPI
MGP Ingredients Price Performance
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last announced its quarterly earnings data 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. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. The firm had revenue of $170.56 million during the quarter, compared to analysts’ expectations of $170.31 million. During the same quarter in the previous year, the business posted $1.39 earnings per share. The business’s quarterly revenue was down 15.1% compared to the same quarter last year. As a group, analysts forecast that MGP Ingredients will post 6.18 EPS for the current year.
Insider Buying and Selling
In related news, Director Donn S. Lux sold 10,000 shares of MGP Ingredients stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the transaction, the director now owns 2,695,264 shares in the company, valued at $223,706,912. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Lori L.S. Mingus sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the completion of the sale, the director now owns 47,287 shares in the company, valued at approximately $3,729,998.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donn S. Lux sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $83.00, for a total transaction of $830,000.00. Following the sale, the director now owns 2,695,264 shares of the company’s stock, valued at approximately $223,706,912. The disclosure for this sale can be found here. Insiders sold 34,430 shares of company stock worth $2,836,678 over the last 90 days. 36.20% of the stock is 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.
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