MGP Ingredients (NASDAQ:MGPI) Reaches New 52-Week Low Following Analyst Downgrade

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low during mid-day trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $58.00 to $44.00. Wells Fargo & Company currently has an overweight rating on the stock. MGP Ingredients traded as low as $37.61 and last traded at $37.64, with a volume of 76325 shares changing hands. The stock had previously closed at $38.53.

Several other equities analysts have also recently issued reports on the company. Truist Financial lowered their price target 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. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Roth Mkm dropped their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Finally, TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.29.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents 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 hyperlink. 36.20% of the stock is owned by corporate insiders.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently made changes to their positions in MGPI. Texas Permanent School Fund Corp lifted its position in MGP Ingredients by 22.4% during the 2nd quarter. Texas Permanent School Fund Corp now owns 16,746 shares of the company’s stock worth $1,246,000 after buying an additional 3,066 shares in the last quarter. Thoroughbred Financial Services LLC bought a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $277,000. Envestnet Asset Management Inc. boosted its stake in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after acquiring an additional 19,203 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $22,028,000. Finally, Dimensional Fund Advisors LP raised its stake in MGP Ingredients by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after acquiring an additional 68,278 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Stock Up 0.1 %

The firm has a market cap of $803.70 million, a price-to-earnings ratio of 7.61, a P/E/G ratio of 0.74 and a beta of 0.65. The firm has a fifty day simple moving average of $44.55 and a 200-day simple moving average of $67.26. 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 released its quarterly 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 business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. MGP Ingredients’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period last year, the firm earned $1.34 earnings per share. As a group, sell-side analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio is 9.98%.

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.