MGP Ingredients (NASDAQ:MGPI) Sees Strong Trading Volume – Should You Buy?

MGP Ingredients, Inc. (NASDAQ:MGPI) shares saw an uptick in trading volume on Friday . 520,155 shares were traded during mid-day trading, an increase of 118% from the previous session’s volume of 239,066 shares.The stock last traded at $50.64 and had previously closed at $49.07.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MGPI shares. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the company from $66.00 to $50.00 in a research note on Wednesday. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Roth Mkm dropped their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Truist Financial dropped their target price on 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Stock Up 3.7 %

The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.12 billion, a P/E ratio of 10.58, a PEG ratio of 0.79 and a beta of 0.66. The firm has a 50 day simple moving average of $73.54 and a two-hundred day simple moving average of $77.32.

MGP Ingredients (NASDAQ:MGPI) last released 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. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.34 earnings per share. On average, equities research analysts expect that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.94%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the transaction, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGPI. Norden Group LLC bought a new stake in MGP Ingredients during the 1st quarter worth approximately $261,000. Janney Montgomery Scott LLC bought a new stake in shares of MGP Ingredients in the first quarter worth $495,000. Texas Permanent School Fund Corp increased its holdings in MGP Ingredients by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock valued at $1,178,000 after purchasing an additional 177 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in MGP Ingredients during the 1st quarter worth $284,000. Finally, Isthmus Partners LLC grew its position in shares of MGP Ingredients by 74.4% in the 1st quarter. Isthmus Partners LLC now owns 40,567 shares of the company’s stock valued at $3,494,000 after buying an additional 17,302 shares during the last quarter. Institutional investors and hedge funds 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.