MGP Ingredients (NASDAQ:MGPI) Stock Rating Lowered by TD Cowen

TD Cowen cut shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a research report report published on Wednesday morning, Marketbeat.com reports. They currently have $50.00 target price on the stock, down from their previous target price of $66.00.

A number of other research firms have also recently issued reports on MGPI. Roth Mkm cut their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Truist Financial decreased their price objective on shares of 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 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Trading Up 3.7 %

NASDAQ MGPI opened at $50.90 on Wednesday. MGP Ingredients has a 52 week low of $45.44 and a 52 week high of $102.42. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 0.79 and a beta of 0.66. 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 stock’s 50 day moving average price is $73.54 and its two-hundred day moving average price is $77.32.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating 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 firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 earnings per share. As a group, analysts anticipate that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 0.94%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC raised its stake in MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares during the period. Isthmus Partners LLC boosted its stake in MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after buying an additional 860 shares during the period. Innealta Capital LLC purchased a new position in MGP Ingredients during the second quarter worth $42,000. LRI Investments LLC purchased a new position in MGP Ingredients during the first quarter worth $43,000. Finally, Farther Finance Advisors LLC boosted its stake in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the period. Institutional investors 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.