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

MGP Ingredients (NASDAQ:MGPI - Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. 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.

MGP Ingredients Trading Down 4.3 %

MGPI stock traded down $1.80 on Friday, reaching $40.00. The company's stock had a trading volume of 1,391,049 shares, compared to its average volume of 264,172. The firm has a market cap of $878.12 million, a PE ratio of 8.32, a PEG ratio of 0.74 and a beta of 0.63. The business has a fifty day simple moving average of $52.10 and a two-hundred day simple moving average of $70.71. MGP Ingredients has a 12-month low of $38.84 and a 12-month high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share 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 firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same quarter in the previous year, the firm posted $1.34 EPS. The company's revenue for the quarter was down 23.7% compared to the same quarter last year. As a group, research analysts forecast that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have commented 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 note on Monday, November 4th. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. Lake Street Capital lowered MGP Ingredients from a "buy" rating to a "hold" rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday, November 1st. Finally, Truist Financial lowered their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $76.67.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the business'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 completion of the sale, the director now owns 37,373 shares of the company's stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 36.20% of the stock is currently 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.