MGP Ingredients (NASDAQ:MGPI) Releases Q3 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $1.29 for the period, compared to the consensus EPS estimate of $1.44. The company issued revenue guidance of $161.5 million, compared to the consensus revenue estimate of $186.51 million. MGP Ingredients also updated its FY 2024 guidance to 5.550-5.650 EPS.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $61.86 on Friday. The stock has a market capitalization of $1.36 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.16 and a beta of 0.59. The company’s fifty day moving average price is $84.57 and its 200 day moving average price is $80.31. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. MGP Ingredients has a 1 year low of $59.10 and a 1 year high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The business had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. During the same quarter last year, the business earned $1.49 earnings per share. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that MGP Ingredients will post 6.25 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, August 30th. Stockholders of record on Friday, August 16th were given a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.78%. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MGPI. Truist Financial dropped their price target on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $135.00 to $75.00 in a research report on Friday. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Roth Mkm lowered their target price on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a report on Friday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.60.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 36.20% of the stock is currently owned by 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.