MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $5.55-5.65 for the period, compared to the consensus earnings per share estimate of $5.57. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.26 million.

Analyst Ratings Changes

Several analysts recently issued reports on MGPI shares. Truist Financial dropped their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Roth Mkm dropped their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $86.60.

MGP Ingredients Stock Performance

NASDAQ:MGPI traded down $2.52 on Friday, hitting $45.52. The company’s stock had a trading volume of 1,024,184 shares, compared to its average volume of 564,700. The company has a current ratio of 6.46, a quick ratio of 2.22 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $77.75 and a two-hundred day moving average of $78.41. The firm has a market capitalization of $1.00 billion, a P/E ratio of 9.46, a price-to-earnings-growth ratio of 0.78 and a beta of 0.66. MGP Ingredients has a one year low of $45.48 and a one year high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.34 earnings per share. Research analysts predict that MGP Ingredients will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 36.20% of the stock is owned by corporate 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.