MGP Ingredients (NASDAQ:MGPI) Releases FY24 Earnings Guidance

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

MGP Ingredients Price Performance

MGPI stock opened at $40.00 on Friday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company’s fifty day simple moving average is $51.31 and its 200 day simple moving average is $70.46. MGP Ingredients has a 12-month low of $38.84 and a 12-month high of $102.42. The firm has a market cap of $878.12 million, a price-to-earnings ratio of 8.32, a PEG ratio of 0.74 and a beta of 0.63.

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

MGP Ingredients Dividend Announcement

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

Analyst Ratings Changes

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

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 36.20% of the company’s stock.

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.