MGP Ingredients (NASDAQ:MGPI) Shares Down 4.8% – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI) was down 4.8% during trading on Tuesday . The stock traded as low as $46.30 and last traded at $46.47. Approximately 150,684 shares traded hands during trading, a decline of 39% from the average daily volume of 246,820 shares. The stock had previously closed at $48.80.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MGPI shares. Roth Mkm cut their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Truist Financial cut their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Finally, TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Stock Up 0.3 %

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 company has a 50-day simple moving average of $66.96 and a two-hundred day simple moving average of $75.42. The stock has a market cap of $1.03 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.76 and a beta of 0.66.

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

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 1.03%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,251 shares of company stock worth $1,520,617 over the last quarter. 36.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC raised its holdings in MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares in the last quarter. LRI Investments LLC bought a new position in MGP Ingredients in the first quarter worth $43,000. Innealta Capital LLC bought a new position in MGP Ingredients in the second quarter worth $42,000. Farther Finance Advisors LLC grew its stake in shares of MGP Ingredients by 45.3% in 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 shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares during the last quarter. Institutional investors 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.