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

MGP Ingredients, Inc. (NASDAQ:MGPI) has received an average recommendation of “Moderate Buy” from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $76.67.

A number of research firms have recently weighed in on MGPI. Truist Financial cut their price objective 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. TD Cowen downgraded 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. Lake Street Capital lowered 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. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th.

MGP Ingredients Stock Performance

NASDAQ MGPI opened at $46.27 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company has a market cap of $1.02 billion, a P/E ratio of 9.62, a P/E/G ratio of 0.74 and a beta of 0.63. The stock has a 50-day moving average of $59.40 and a two-hundred day moving average of $72.94. MGP Ingredients has a 1-year low of $43.48 and a 1-year high of $102.42.

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

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued 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 1.04%. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Transactions at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the business’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 sale, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC grew its holdings in shares of MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of MGP Ingredients in the second quarter valued at approximately $42,000. Farther Finance Advisors LLC grew its position in shares of 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 acquiring an additional 186 shares during the last quarter. First Horizon Advisors Inc. grew its position in shares of MGP Ingredients by 73.5% during the third 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 last quarter. Finally, Point72 DIFC Ltd increased its holdings in shares of MGP Ingredients by 2,375.6% in the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after acquiring an additional 974 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.