MGP Ingredients (NASDAQ:MGPI) Sets New 12-Month Low Following Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price reached a new 52-week low during trading on Friday after Roth Mkm lowered their price target on the stock from $92.00 to $88.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $65.00 and last traded at $65.38, with a volume of 261290 shares changing hands. The stock had previously closed at $81.57.

A number of other equities analysts also recently issued reports on MGPI. Truist Financial cut their target price on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $135.00 to $75.00 in a report on Friday. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.60.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Scout Investments Inc. increased its position in shares of MGP Ingredients by 30.5% during the first quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after purchasing an additional 20,073 shares in the last quarter. Mutual of America Capital Management LLC lifted its stake in MGP Ingredients by 239.2% in the first quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock valued at $5,560,000 after buying an additional 45,527 shares during the last quarter. Congress Wealth Management LLC DE lifted its stake in MGP Ingredients by 41.9% in the first quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock valued at $4,329,000 after buying an additional 14,843 shares during the last quarter. Natixis Advisors LLC boosted its holdings in shares of MGP Ingredients by 107.9% in the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after acquiring an additional 13,332 shares during the period. Finally, ZWJ Investment Counsel Inc. grew its position in shares of MGP Ingredients by 2.5% during the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after acquiring an additional 7,042 shares during the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Stock Down 24.2 %

The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The business has a 50-day simple moving average of $84.13 and a two-hundred day simple moving average of $80.15. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. The firm had revenue of $190.80 million for the quarter, compared to the consensus estimate of $189.06 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 earnings per share. As a group, equities analysts predict that MGP Ingredients, Inc. will post 6.25 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

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.