MGP Ingredients (NASDAQ:MGPI) Sets New 12-Month Low – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $43.32 and last traded at $43.47, with a volume of 26784 shares changing hands. The stock had previously closed at $43.82.

Analyst Ratings Changes

Several research firms recently commented on MGPI. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the company from $135.00 to $75.00 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 report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Stock Performance

The stock has a market capitalization of $961.10 million, a price-to-earnings ratio of 9.11, a PEG ratio of 0.74 and a beta of 0.63. 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 firm’s 50 day moving average is $54.31 and its 200-day moving average is $71.35.

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

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 36.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

Hedge funds have recently made changes to their positions in the company. CWM LLC raised its stake in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. Isthmus Partners LLC raised its position in shares of MGP Ingredients by 2.1% in the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of MGP Ingredients in the second quarter worth about $42,000. Farther Finance Advisors LLC boosted its position in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

About MGP Ingredients

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.