MGP Ingredients (NASDAQ:MGPI) Updates FY22 Earnings Guidance

MGP Ingredients (NASDAQ:MGPIGet Rating) updated its FY22 earnings guidance on Thursday. The company provided earnings per share guidance of $4.41-4.65 for the period, compared to the consensus earnings per share estimate of $4.47. The company issued revenue guidance of $745-765 million, compared to the consensus revenue estimate of $716.68 million. MGP Ingredients also updated its FY 2022 guidance to $4.41-$4.65 EPS.

Analysts Set New Price Targets

Separately, Roth Capital assumed coverage on MGP Ingredients in a research report on Thursday, June 30th. They issued a buy rating and a $115.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $103.50.

MGP Ingredients Trading Up 1.9 %

MGPI stock traded up $2.00 during midday trading on Friday, reaching $109.03. The stock had a trading volume of 181,671 shares, compared to its average volume of 122,539. The business has a fifty day simple moving average of $99.16 and a two-hundred day simple moving average of $90.48. The company has a quick ratio of 1.61, a current ratio of 4.53 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 20.49 and a beta of 1.01. MGP Ingredients has a twelve month low of $60.43 and a twelve month high of $109.28.

MGP Ingredients (NASDAQ:MGPIGet Rating) last issued its earnings results on Thursday, August 4th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.27. MGP Ingredients had a return on equity of 16.09% and a net margin of 16.12%. The firm had revenue of $195.00 million for the quarter, compared to analysts’ expectations of $173.06 million. During the same quarter last year, the business earned $1.27 earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. As a group, research analysts expect that MGP Ingredients will post 4.41 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Thursday, August 18th. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.02%.

Insiders Place Their Bets

In related news, Director Donn S. Lux bought 5,000 shares of MGP Ingredients stock in a transaction on Wednesday, June 15th. The shares were purchased at an average price of $93.37 per share, for a total transaction of $466,850.00. Following the completion of the acquisition, the director now owns 3,955,180 shares in the company, valued at $369,295,156.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Karen Seaberg sold 1,000 shares of MGP Ingredients stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $105.63, for a total transaction of $105,630.00. Following the transaction, the director now owns 61,632 shares in the company, valued at approximately $6,510,188.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donn S. Lux acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, June 15th. The shares were acquired at an average price of $93.37 per share, for a total transaction of $466,850.00. Following the acquisition, the director now directly owns 3,955,180 shares in the company, valued at $369,295,156.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 11,202 shares of company stock worth $1,120,098. Insiders own 36.70% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently modified their holdings of the business. Captrust Financial Advisors raised its position in MGP Ingredients by 76.2% in the 1st quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock valued at $82,000 after buying an additional 412 shares during the last quarter. PNC Financial Services Group Inc. raised its position in MGP Ingredients by 22.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock valued at $120,000 after buying an additional 254 shares during the last quarter. Toroso Investments LLC acquired a new stake in MGP Ingredients in the 1st quarter valued at approximately $230,000. Engineers Gate Manager LP acquired a new stake in MGP Ingredients in the 1st quarter valued at approximately $234,000. Finally, Penserra Capital Management LLC raised its position in MGP Ingredients by 60.5% in the 1st quarter. Penserra Capital Management LLC now owns 3,332 shares of the company’s stock valued at $285,000 after buying an additional 1,256 shares during the last quarter. Institutional investors own 77.38% of the company’s stock.

MGP Ingredients Company Profile

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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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