MGP Ingredients, Inc. (NASDAQ:MGPI) Given Average Rating of “Moderate Buy” by Analysts

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been assigned an average rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $76.67.

Several equities analysts recently commented on MGPI shares. TD Cowen downgraded 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 report on Wednesday, November 6th. Roth Mkm dropped their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research note on Friday, October 18th. 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 report on Friday, November 1st. Finally, Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGPI. Vanguard Group Inc. raised its position in shares of MGP Ingredients by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after acquiring an additional 8,770 shares during the last quarter. FMR LLC raised its holdings in MGP Ingredients by 14.2% during the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after purchasing an additional 137,292 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in 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 purchasing an additional 68,278 shares during the last quarter. State Street Corp lifted its position in MGP Ingredients by 22.4% during the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after purchasing an additional 131,542 shares during the period. Finally, Ariel Investments LLC boosted its stake in shares of MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after purchasing an additional 248,076 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Price Performance

NASDAQ:MGPI opened at $44.48 on Friday. 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 50-day moving average of $58.64 and a 200-day moving average of $72.65. MGP Ingredients has a 52 week low of $43.48 and a 52 week high of $102.42. The company has a market capitalization of $976.34 million, a price-to-earnings ratio of 9.25, a PEG ratio of 0.75 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly 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. The firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.34 earnings per share. As a group, equities research analysts anticipate that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

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 $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.08%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

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.