MGP Ingredients (NASDAQ:MGPI) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a report issued on Friday morning.

MGPI has been the topic of a number of other reports. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Truist Financial lowered their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday. Lake Street Capital downgraded shares of 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 research report on Friday, October 18th. Finally, Roth Mkm reduced their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a report on Friday, October 18th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients has an average rating of “Moderate Buy” and an average price target of $86.60.

MGP Ingredients Stock Down 5.2 %

Shares of NASDAQ:MGPI opened at $45.52 on Friday. The business’s 50 day moving average is $77.75 and its 200 day moving average is $78.41. MGP Ingredients has a 12-month low of $45.48 and a 12-month high of $102.42. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 0.78 and a beta of 0.66. The company has a quick ratio of 2.22, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results 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. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same period last year, the firm earned $1.34 earnings per share. The firm’s revenue was down 23.7% on a year-over-year basis. On average, sell-side analysts forecast that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Scout Investments Inc. raised its position in MGP Ingredients by 30.5% in the 1st quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after buying an additional 20,073 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in MGP Ingredients by 239.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock worth $5,560,000 after purchasing an additional 45,527 shares in the last quarter. Natixis Advisors LLC lifted 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 worth $1,911,000 after buying an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. boosted its holdings in shares of MGP Ingredients by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after purchasing an additional 7,042 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after buying an additional 19,203 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.