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

MGP Ingredients (NASDAQ:MGPI) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGPI. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a report on Friday, October 18th. Truist Financial lowered their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Roth Mkm cut their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Trading Down 4.3 %

NASDAQ:MGPI opened at $40.00 on Friday. MGP Ingredients has a 52 week low of $38.84 and a 52 week high of $102.42. The firm has a 50-day moving average price of $52.10 and a two-hundred day moving average price of $70.71. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market cap of $878.12 million, a price-to-earnings ratio of 8.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period last year, the business posted $1.34 earnings per share. MGP Ingredients’s revenue was down 23.7% on a year-over-year basis. On average, equities analysts expect that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

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 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 directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This represents a 15.87 % 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 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.