MGP Ingredients (NASDAQ:MGPI) Issues FY 2024 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 5.550-5.650 for the period, compared to the consensus earnings per share estimate of 5.580. The company issued revenue guidance of $695.0 million-$705.0 million, compared to the consensus revenue estimate of $699.7 million. MGP Ingredients also updated its FY24 guidance to $5.55-5.65 EPS.

Analysts Set New Price Targets

Several research analysts have weighed in on MGPI shares. Roth Mkm lowered their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 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 research report on Friday, November 1st. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $40.00 on Friday. The company has a market cap of $878.12 million, a P/E ratio of 8.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. MGP Ingredients has a one year low of $38.84 and a one year high of $102.42. The business has a fifty day moving average of $51.31 and a two-hundred day moving average of $70.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter last year, the business earned $1.34 earnings per share. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year. As a group, analysts predict that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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.