MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $6.12-6.23 for the period, compared to the consensus earnings per share 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 Performance

MGPI opened at $78.25 on Thursday. MGP Ingredients has a 52-week low of $75.78 and a 52-week high of $124.96. The firm has a market capitalization of $1.72 billion, a PE ratio of 16.30, a PEG ratio of 1.15 and a beta of 0.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.47 and a current ratio of 4.51. The business’s 50-day simple moving average is $81.74 and its 200 day simple moving average is $88.97.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, February 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.26. The business had revenue of $214.90 million for the quarter, compared to analyst estimates of $206.87 million. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. MGP Ingredients’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 earnings per share. As a group, sell-side analysts expect that MGP Ingredients will post 6.18 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.61%. MGP Ingredients’s dividend payout ratio (DPR) is currently 10.00%.

Analyst Upgrades and Downgrades

MGPI has been the topic of a number of recent research reports. Wedbush reiterated an outperform rating and set a $120.00 target price on shares of MGP Ingredients in a research note on Monday. Roth Mkm lowered their target price on MGP Ingredients from $100.00 to $95.00 and set a buy rating on the stock in a research note on Thursday, April 25th. Finally, StockNews.com lowered MGP Ingredients from a hold rating to a sell rating in a research note on Friday, April 26th.

Insider Buying and Selling

In related news, VP Erika Lapish purchased 500 shares of MGP Ingredients stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average price of $77.86 per share, with a total value of $38,930.00. Following the completion of the transaction, the vice president now directly 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 link. 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.