MGP Ingredients (NASDAQ:MGPI) Releases FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI - Get Free Report) 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 Stock Down 4.3 %

MGPI stock traded down $1.80 on Friday, hitting $40.00. 1,391,049 shares of the company's stock were exchanged, compared to its average volume of 264,172. The firm has a 50 day moving average price of $52.10 and a two-hundred day moving average price of $70.71. MGP Ingredients has a 12-month low of $38.84 and a 12-month high of $102.42. The stock has a market cap of $878.12 million, a P/E ratio of 8.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. 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 released its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping 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 analysts' expectations of $161.55 million. During the same period last year, the business earned $1.34 EPS. MGP Ingredients's revenue for the quarter was down 23.7% on a year-over-year basis. As a group, equities research analysts expect that MGP Ingredients will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.12 per share. 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 dividend payout ratio is presently 9.98%.

Wall Street Analyst Weigh In

MGPI has been the subject of a number of analyst reports. Lake Street Capital downgraded MGP Ingredients from a "buy" rating to a "hold" rating and decreased their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th. TD Cowen lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and dropped their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial decreased their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Finally, StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $76.67.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company's 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 36.20% of the company's stock.

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.