Insider Selling: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells $324,511.50 in Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

MGP Ingredients Price Performance

NASDAQ:MGPI opened at $45.50 on Friday. The stock’s 50-day simple moving average is $66.17 and its 200 day simple moving average is $75.19. MGP Ingredients, Inc. has a 52-week low of $44.96 and a 52-week high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The company has a market cap of $998.73 million, a P/E ratio of 9.46, a P/E/G ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.34 EPS. As a group, sell-side analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Institutional Trading of MGP Ingredients

A number of large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in shares of MGP Ingredients in the 3rd quarter valued at about $373,000. MML Investors Services LLC raised its stake in MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock valued at $410,000 after buying an additional 1,083 shares during the period. Villanova Investment Management Co LLC lifted its position in shares of MGP Ingredients by 6.2% in the third quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock valued at $1,892,000 after buying an additional 1,333 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of MGP Ingredients during the 3rd quarter worth approximately $986,000. Finally, State Street Corp increased its holdings in shares of MGP Ingredients by 22.4% during the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after acquiring an additional 131,542 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGPI has been the topic of several research reports. Roth Mkm cut their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Finally, Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients presently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

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.