MGP Ingredients (NASDAQ:MGPI) Issues Q3 2024 Earnings Guidance

17 Oct 2024, 20:44 by Scott Moore · The Cerbat Gem

MGP Ingredients (NASDAQ:MGPI – Get Free Report) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.290-1.290 for the period, compared to the consensus estimate of 1.440. The company issued revenue guidance of $161.5 million-$161.5 million, compared to the consensus revenue estimate of $185.3 million. MGP Ingredients also updated its FY 2024 guidance to 5.550-5.650 EPS.

Analysts Set New Price Targets

A number of research firms have commented on MGPI. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Truist Financial reduced their target price on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Roth Mkm reissued a “buy” rating and issued a $92.00 target price on shares of MGP Ingredients in a report on Thursday, July 25th.

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MGP Ingredients Price Performance

Shares of NASDAQ:MGPI traded up $1.14 during midday trading on Thursday, hitting $81.57. 145,601 shares of the stock were exchanged, compared to its average volume of 191,441. The stock has a market cap of $1.80 billion, a P/E ratio of 18.84, a PEG ratio of 1.16 and a beta of 0.59. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. MGP Ingredients has a twelve month low of $68.86 and a twelve month high of $102.58. The company has a 50 day moving average price of $84.57 and a 200-day moving average price of $80.31.

MGP Ingredients (NASDAQ:MGPI – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. The business had revenue of $190.80 million during the quarter, compared to the consensus estimate of $189.06 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The business’s revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.49 EPS. On average, research analysts forecast that MGP Ingredients will post 6.25 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s dividend payout ratio is presently 11.09%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of MGP Ingredients stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the sale, the director now owns 54,542 shares in the company, valued at $4,944,232.30. The trade was a 0.00 % decrease in their position. 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

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