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

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been assigned an average recommendation of “Moderate Buy” from the five research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $75.83.

MGPI has been the subject of several recent research reports. Roth Mkm reduced their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Truist Financial reduced their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st.

MGP Ingredients Stock Down 1.6 %

Shares of NASDAQ MGPI opened at $38.87 on Thursday. MGP Ingredients has a 52-week low of $38.24 and a 52-week high of $101.69. The firm has a market capitalization of $853.31 million, a price-to-earnings ratio of 8.08, a PEG ratio of 0.74 and a beta of 0.63. The stock has a 50 day moving average price of $47.62 and a 200 day moving average price of $69.21. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million during 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% compared to the same quarter last year. During the same period in the prior year, the business earned $1.34 EPS. Sell-side analysts expect that MGP Ingredients will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.23%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insiders Place Their Bets

In other MGP Ingredients 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 transaction of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 36.20% of the stock is currently owned by insiders.

Institutional Trading of MGP Ingredients

Several large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC lifted 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 valued at $50,000 after purchasing an additional 186 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of MGP Ingredients by 2.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after buying an additional 200 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares during the period. Park Avenue Securities LLC boosted its stake in shares of MGP Ingredients by 19.4% in the third quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock worth $281,000 after buying an additional 549 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in MGP Ingredients during the second quarter worth about $42,000. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.