MGP Ingredients (NASDAQ:MGPI) Releases FY 2024 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI - Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 6.120-6.230 for the period, compared to the consensus earnings per share estimate of 6.160. The company issued revenue guidance of $742.0 million-$756.0 million, compared to the consensus revenue estimate of $754.6 million.

Analyst Ratings Changes

A number of research analysts have weighed in on MGPI shares. Roth Mkm cut their price target on shares of MGP Ingredients from $95.00 to $92.00 and set a buy rating on the stock in a research note on Friday. StockNews.com cut 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 issued a $120.00 price objective on shares of MGP Ingredients in a research note on Monday.

MGP Ingredients Stock Performance

MGP Ingredients stock traded down $1.64 during trading hours on Friday, hitting $80.62. The company had a trading volume of 157,200 shares, compared to its average volume of 209,377. MGP Ingredients has a one year low of $75.78 and a one year high of $124.96. The firm has a market cap of $1.77 billion, a PE ratio of 16.64, a PEG ratio of 1.15 and a beta of 0.75. The firm has a 50-day moving average of $81.82 and a 200 day moving average of $88.93. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.51 and a quick ratio of 1.47.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.07. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. The business had revenue of $170.56 million during the quarter, compared to analysts' expectations of $170.31 million. During the same period last year, the firm posted $1.39 EPS. The firm's revenue for the quarter was down 15.1% compared to the same quarter last year. On average, sell-side analysts expect that MGP Ingredients will post 6.18 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $0.12 per share. 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 payout ratio is presently 10.00%.

Insider Transactions at MGP Ingredients

In other news, VP Erika Lapish bought 500 shares of the firm's stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $77.86 per share, with a total value of $38,930.00. Following the acquisition, the vice president now directly owns 550 shares in the company, valued at $42,823. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by 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.