MGP Ingredients (NASDAQ:MGPI) Updates FY24 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI - Get Free Report) updated its FY24 earnings guidance on Thursday. 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 Performance

MGPI stock traded up $4.01 during trading hours on Thursday, hitting $82.26. 279,297 shares of the stock were exchanged, compared to its average volume of 209,992. MGP Ingredients has a 12 month low of $75.78 and a 12 month high of $124.96. The company has a current ratio of 4.51, a quick ratio of 1.47 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.81 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.15 and a beta of 0.75. The company has a 50-day simple moving average of $81.74 and a two-hundred day simple moving average of $88.97.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly 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 net margin of 12.72% and a return on equity of 16.03%. The business had revenue of $214.90 million for the quarter, compared to analyst estimates of $206.87 million. During the same period last year, the firm earned $1.01 earnings per share. MGP Ingredients's revenue for the quarter 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 business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. MGP Ingredients's dividend payout ratio (DPR) is presently 10.00%.

Analyst Ratings Changes

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

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, VP Erika Lapish bought 500 shares of the stock in a transaction on Monday, February 26th. The stock was acquired at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the acquisition, the vice president now owns 550 shares in the company, valued at approximately $42,823. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 36.20% of the company's stock.

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.