MGP Ingredients (NASDAQ:MGPI) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a report issued on Friday.

Several other analysts have also recently commented on MGPI. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. Roth Mkm lowered their price target on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $82.00.

MGP Ingredients Trading Up 2.1 %

Shares of MGPI opened at $46.47 on Friday. The company has a market capitalization of $1.02 billion, a P/E ratio of 9.65, a P/E/G ratio of 0.78 and a beta of 0.66. MGP Ingredients has a one year low of $45.48 and a one year high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.22 and a current ratio of 6.46. The stock has a 50-day moving average price of $77.75 and a 200 day moving average price of $78.41.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 EPS. Sell-side analysts forecast that MGP Ingredients will post 5.58 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders 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 annualized dividend and a dividend yield of 1.03%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insider Buying and Selling

In related 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 transaction of $99,965.26. Following the completion of the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 36.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently bought and sold shares of the stock. Champlain Investment Partners LLC increased its stake in shares of MGP Ingredients by 25.4% in the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after purchasing an additional 276,675 shares during the period. Vanguard Group Inc. boosted its holdings in MGP Ingredients by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock valued at $97,766,000 after purchasing an additional 8,770 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in MGP Ingredients by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after purchasing an additional 68,278 shares in the last quarter. Ariel Investments LLC boosted its holdings in MGP Ingredients by 92.7% during the second 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 in the last quarter. Finally, Congress Asset Management Co. boosted its holdings in MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after purchasing an additional 76,835 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.

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.