MGP Ingredients (NASDAQ:MGPI) Releases FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $6.12-6.23 for the period, compared to the consensus estimate of $6.16. The company issued revenue guidance of $742-756 million, compared to the consensus revenue estimate of $754.65 million.

MGP Ingredients Stock Down 2.0 %

NASDAQ:MGPI traded down $1.64 on Friday, reaching $80.62. 157,200 shares of the stock traded hands, compared to its average volume of 185,554. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 1.19 and a beta of 0.75. The company has a current ratio of 6.32, a quick ratio of 1.47 and a debt-to-equity ratio of 0.34. MGP Ingredients has a 12 month low of $75.78 and a 12 month high of $124.96. The company’s fifty day simple moving average is $81.84 and its 200 day simple moving average is $88.69.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The business had revenue of $170.56 million during the quarter, compared to analyst estimates of $170.31 million. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. MGP Ingredients’s revenue was down 15.1% compared to the same quarter last year. During the same period last year, the business earned $1.39 EPS. Equities analysts predict that MGP Ingredients will post 6.18 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. MGP Ingredients’s dividend payout ratio is presently 11.09%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Roth Mkm reduced their price target on shares of MGP Ingredients from $95.00 to $92.00 and set a buy rating for the company in a research note on Friday. StockNews.com lowered shares of MGP Ingredients from a hold rating to a sell rating in a research note on Friday, April 26th. Finally, Wedbush restated an outperform rating and set a $120.00 target price on shares of MGP Ingredients in a research report on Monday, April 29th.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, VP Erika Lapish bought 500 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the transaction, the vice president now owns 550 shares of the company’s stock, valued at approximately $42,823. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.20% of the stock is currently owned by company insiders.

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.