MGP Ingredients (NASDAQ:MGPI) Reaches New 1-Year Low on Insider Selling

MGP Ingredients, Inc. (NASDAQ:MGPI) shares reached a new 52-week low during trading on Friday after an insider sold shares in the company. The stock traded as low as $45.27 and last traded at $45.37, with a volume of 216189 shares changing hands. The stock had previously closed at $46.75.

Specifically, Director Lori L.S. Mingus sold 7,050 shares of the company’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 in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MGPI. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, TD Cowen downgraded shares of 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, MGP Ingredients presently has an average rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Trading Down 2.7 %

The company’s 50 day moving average price is $66.96 and its 200 day moving average price is $75.42. The company has a market cap of $998.86 million, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 0.76 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.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same period last year, the business posted $1.34 EPS. MGP Ingredients’s revenue was down 23.7% compared to the same quarter last year. Research analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The business also recently declared 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. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently bought and sold shares of MGPI. CWM LLC lifted its holdings in shares of 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. LRI Investments LLC bought a new position in shares of MGP Ingredients during the 1st quarter worth about $43,000. Innealta Capital LLC bought a new position in shares of MGP Ingredients during the 2nd quarter worth about $42,000. Farther Finance Advisors LLC lifted its holdings in shares of MGP Ingredients by 45.3% during the 3rd 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 period. Finally, First Horizon Advisors Inc. lifted its holdings in shares of MGP Ingredients by 73.5% during the 3rd 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 period. 77.11% of the stock is owned by 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.