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

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS estimate of 6.240. The company issued revenue guidance of $695.0 million-$705.0 million, compared to the consensus revenue estimate of $755.3 million. MGP Ingredients also updated its Q3 guidance to $1.29 EPS.

MGP Ingredients Stock Performance

MGPI stock traded up $1.14 on Thursday, hitting $81.57. The company had a trading volume of 145,601 shares, compared to its average volume of 191,441. MGP Ingredients has a 12-month low of $68.86 and a 12-month high of $102.58. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. The stock’s 50-day simple moving average is $84.57 and its 200 day simple moving average is $80.31. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter last year, the company posted $1.49 earnings per share. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. As a group, equities research analysts expect that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.59%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s dividend payout ratio is presently 11.09%.

Wall Street Analysts Forecast Growth

MGPI has been the topic of several analyst reports. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Truist Financial dropped their price target on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Roth Mkm reiterated a “buy” rating and set a $92.00 price target on shares of MGP Ingredients in a research note on Thursday, July 25th.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 36.20% of the stock is currently owned by 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.