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

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

Several equities analysts have commented on MGPI shares. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Roth Mkm lowered their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $39.85 on Thursday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 1-year low of $38.65 and a 1-year high of $102.42. The company has a fifty day simple moving average of $48.90 and a 200 day simple moving average of $69.72. The company has a market cap of $874.83 million, a P/E ratio of 8.28, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly 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 firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.34 EPS. Research analysts anticipate that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 36.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGPI. Louisiana State Employees Retirement System boosted its holdings in MGP Ingredients by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after acquiring an additional 200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of MGP Ingredients by 25.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,681 shares of the company’s stock worth $348,000 after purchasing an additional 962 shares during the period. Innealta Capital LLC bought a new stake in shares of MGP Ingredients in the 2nd quarter valued at $42,000. nVerses Capital LLC acquired a new stake in shares of MGP Ingredients during the second quarter worth $82,000. Finally, Natixis Advisors LLC raised its stake in MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after buying an additional 13,332 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.