MGP Ingredients (NASDAQ:MGPI) Updates FY 2022 Earnings Guidance

MGP Ingredients (NASDAQ:MGPIGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.15-$4.35 for the period, compared to the consensus earnings per share estimate of $4.00. The company issued revenue guidance of $690.00 million-$715.00 million, compared to the consensus revenue estimate of $706.80 million.

Several analysts have recently commented on the stock. StockNews.com assumed coverage on shares of MGP Ingredients in a research report on Thursday, March 31st. They set a hold rating on the stock. Zacks Investment Research raised shares of MGP Ingredients from a hold rating to a buy rating and set a $107.00 price target on the stock in a research report on Tuesday, May 10th. Lake Street Capital assumed coverage on shares of MGP Ingredients in a research report on Tuesday, February 22nd. They set a buy rating and a $100.00 price target on the stock. Finally, Cowen assumed coverage on shares of MGP Ingredients in a research report on Friday, January 21st. They set an outperform rating and a $99.00 price target on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $101.50.

NASDAQ MGPI traded down $1.47 on Monday, reaching $100.84. The stock had a trading volume of 2,556 shares, compared to its average volume of 112,898. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 20.14 and a beta of 1.14. The company has a quick ratio of 1.61, a current ratio of 4.68 and a debt-to-equity ratio of 0.34. MGP Ingredients has a 12-month low of $58.40 and a 12-month high of $102.88. The stock has a fifty day moving average price of $89.19 and a two-hundred day moving average price of $83.03.

MGP Ingredients (NASDAQ:MGPIGet Rating) last announced its earnings results on Thursday, May 5th. The company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.73. The company had revenue of $195.24 million for the quarter, compared to analyst estimates of $173.60 million. MGP Ingredients had a return on equity of 17.20% and a net margin of 15.82%. The firm’s quarterly revenue was up 80.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 earnings per share. Sell-side analysts forecast that MGP Ingredients will post 4.33 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 3rd. Shareholders of record on Friday, May 20th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Thursday, May 19th. MGP Ingredients’s payout ratio is 9.45%.

In other MGP Ingredients news, Director Karen Seaberg sold 385 shares of the business’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $82.87, for a total value of $31,904.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David E. Dykstra sold 2,500 shares of the business’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $90.72, for a total transaction of $226,800.00. Following the completion of the transaction, the vice president now owns 17,236 shares of the company’s stock, valued at approximately $1,563,649.92. The disclosure for this sale can be found here. In the last three months, insiders sold 15,956 shares of company stock worth $1,403,315. 36.70% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of the business. Bank of Montreal Can grew its stake in shares of MGP Ingredients by 4.6% in the first quarter. Bank of Montreal Can now owns 3,769 shares of the company’s stock worth $331,000 after acquiring an additional 165 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of MGP Ingredients by 22.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock worth $120,000 after purchasing an additional 254 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of MGP Ingredients by 1.9% during the fourth quarter. California State Teachers Retirement System now owns 18,805 shares of the company’s stock worth $1,598,000 after purchasing an additional 343 shares in the last quarter. Sei Investments Co. grew its stake in shares of MGP Ingredients by 1.1% during the first quarter. Sei Investments Co. now owns 31,752 shares of the company’s stock worth $2,742,000 after purchasing an additional 354 shares in the last quarter. Finally, Mariner LLC grew its stake in shares of MGP Ingredients by 1.1% during the first quarter. Mariner LLC now owns 63,132 shares of the company’s stock worth $5,404,000 after purchasing an additional 688 shares in the last quarter. Institutional investors and hedge funds own 77.38% of the company’s stock.

About MGP Ingredients (Get Rating)

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.

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Earnings History and Estimates for MGP Ingredients (NASDAQ:MGPI)

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