MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) updated its FY24 earnings guidance on Friday. The company provided EPS guidance of $5.55-5.65 for the period, compared to the consensus EPS estimate of $5.58. The company issued revenue guidance of $695-705 million, compared to the consensus revenue estimate of $699.73 million.

MGP Ingredients Price Performance

NASDAQ MGPI opened at $39.49 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The firm has a market capitalization of $866.92 million, a price-to-earnings ratio of 8.21, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The company has a 50 day simple moving average of $48.07 and a 200-day simple moving average of $69.51. MGP Ingredients has a 52-week low of $38.65 and a 52-week high of $102.12.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the business posted $1.34 EPS. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. Equities research 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 declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm reduced their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.83.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.