MGP Ingredients (NASDAQ:MGPI) Hits New 52-Week Low on Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price hit a new 52-week low during mid-day trading on Tuesday after TD Cowen downgraded the stock from a buy rating to a hold rating. TD Cowen now has a $50.00 price target on the stock, down from their previous price target of $66.00. MGP Ingredients traded as low as $45.44 and last traded at $46.12, with a volume of 16826 shares. The stock had previously closed at $46.47.

MGPI has been the subject of several other reports. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. Roth Mkm cut their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday. Finally, Truist Financial lowered their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.67.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC grew its holdings in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after buying an additional 325 shares in the last quarter. LRI Investments LLC purchased a new position in MGP Ingredients in the first quarter worth $43,000. Innealta Capital LLC bought a new stake in shares of MGP Ingredients during the 2nd quarter worth $42,000. Farther Finance Advisors LLC boosted its holdings in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the last quarter. Finally, Covestor Ltd raised its position in MGP Ingredients by 23.3% in the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Stock Up 2.9 %

The stock’s 50-day moving average price is $75.14 and its two-hundred day moving average price is $77.74. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.06 billion, a P/E ratio of 10.04, a P/E/G ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period last year, the business posted $1.34 earnings per share. The business’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, research analysts expect that MGP Ingredients, Inc. will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s payout ratio is currently 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.