MGP Ingredients (NASDAQ:MGPI) Issues FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $6.12-6.23 for the period, compared to the consensus EPS 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 0.2 %

Shares of NASDAQ MGPI opened at $78.25 on Thursday. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.15 and a beta of 0.75. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.51 and a quick ratio of 1.47. The business has a 50-day moving average of $81.74 and a two-hundred day moving average of $88.97. MGP Ingredients has a 1 year low of $75.78 and a 1 year high of $124.96.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, February 22nd. The company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.26. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. The business had revenue of $214.90 million for the quarter, compared to analysts’ expectations of $206.87 million. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The business’s revenue was up 12.6% compared to the same quarter last year. On average, analysts forecast that MGP Ingredients will post 6.18 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MGPI. StockNews.com cut MGP Ingredients from a hold rating to a sell rating in a research report on Friday, April 26th. Roth Mkm dropped their target price on MGP Ingredients from $100.00 to $95.00 and set a buy rating on the stock in a research report on Thursday, April 25th. Finally, Wedbush reiterated an outperform rating and set a $120.00 target price on shares of MGP Ingredients in a research report on Monday.

Insider Transactions at MGP Ingredients

In related news, VP Erika Lapish bought 500 shares of MGP Ingredients stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average price of $77.86 per share, with a total value of $38,930.00. Following the purchase, the vice president now owns 550 shares in the company, valued at $42,823. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.