MGP Ingredients (NASDAQ:MGPI) Releases 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 research firms have issued reports on MGPI. Lake Street Capital began coverage on shares of MGP Ingredients in a research note on Tuesday, February 22nd. They set a buy rating and a $100.00 target price on the stock. StockNews.com began coverage on shares of MGP Ingredients in a research note on Thursday, March 31st. They set a hold rating on the stock. Finally, Zacks Investment Research upgraded shares of MGP Ingredients from a hold rating to a buy rating and set a $107.00 target price on the stock in a research note on Tuesday, May 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $101.50.

MGP Ingredients stock traded up $1.55 during midday trading on Monday, hitting $92.53. The stock had a trading volume of 286 shares, compared to its average volume of 113,999. The firm’s fifty day moving average is $90.96 and its two-hundred day moving average is $83.94. The company has a market capitalization of $2.03 billion, a PE ratio of 17.91 and a beta of 1.14. MGP Ingredients has a 52-week low of $58.40 and a 52-week high of $104.00. The company has a current ratio of 4.68, a quick ratio of 1.61 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPIGet Rating) last announced its quarterly earnings data 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. MGP Ingredients had a net margin of 15.82% and a return on equity of 17.20%. The business had revenue of $195.24 million during the quarter, compared to analyst estimates of $173.60 million. During the same period last year, the firm posted $1.01 EPS. The company’s revenue was up 80.2% on a year-over-year basis. As a group, equities research analysts predict that MGP Ingredients will post 4.33 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Friday, May 20th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.52%. MGP Ingredients’s dividend payout ratio is presently 9.45%.

In related news, VP David E. Dykstra sold 2,500 shares of the firm’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $88.73, for a total value of $221,825.00. Following the completion of the sale, the vice president now directly owns 15,265 shares in the company, valued at $1,354,463.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Stephen J. Glaser sold 1,000 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $101.28, for a total value of $101,280.00. Following the completion of the sale, the vice president now owns 20,388 shares of the company’s stock, valued at $2,064,896.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,956 shares of company stock valued at $1,504,595. 36.70% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its position in shares of MGP Ingredients by 76.2% during the first quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock worth $82,000 after purchasing an additional 412 shares during the last quarter. PNC Financial Services Group Inc. lifted its position 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 during the last quarter. Penserra Capital Management LLC bought a new stake in shares of MGP Ingredients during the fourth quarter worth $176,000. Toroso Investments LLC bought a new stake in shares of MGP Ingredients during the first quarter worth $230,000. Finally, Engineers Gate Manager LP bought a new stake in shares of MGP Ingredients during the first quarter worth $234,000. 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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