Roth Mkm Cuts MGP Ingredients (NASDAQ:MGPI) Price Target to $65.00

MGP Ingredients (NASDAQ:MGPI) had its target price cut by Roth Mkm from $69.00 to $65.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently commented on MGPI. Truist Financial lowered their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Up 2.9 %

Shares of MGP Ingredients stock opened at $48.29 on Monday. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 10.04, a P/E/G ratio of 0.76 and a beta of 0.66. The stock has a 50-day simple moving average of $75.14 and a 200-day simple moving average of $77.74. MGP Ingredients has a 52-week low of $45.44 and a 52-week high of $102.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

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, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same period in the previous year, the company earned $1.34 earnings per share. The company’s revenue was down 23.7% compared to the same quarter last year. On average, equities research analysts expect that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.99%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insider Transactions at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now directly owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently modified their holdings of the company. Champlain Investment Partners LLC increased its position in shares of MGP Ingredients by 25.4% during the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock valued at $117,732,000 after purchasing an additional 276,675 shares during the period. Vanguard Group Inc. raised its stake in shares of MGP Ingredients by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock valued at $97,766,000 after buying an additional 8,770 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of MGP Ingredients by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after acquiring an additional 68,278 shares during the period. Ariel Investments LLC lifted its holdings in shares of MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after acquiring an additional 248,076 shares during the period. Finally, Congress Asset Management Co. boosted its position in shares of MGP Ingredients by 18.6% during the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after acquiring an additional 76,835 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

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.