MGP Ingredients (NASDAQ:MGPI) Hits New 1-Year Low Following Insider Selling

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price reached a new 52-week low on Friday following insider selling activity. The company traded as low as $45.27 and last traded at $45.37, with a volume of 216189 shares trading hands. The stock had previously closed at $46.75.

Specifically, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were 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 directly 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MGPI shares. Roth Mkm cut their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Performance

The company has a 50-day moving average of $66.17 and a 200-day moving average of $75.19. The firm has a market capitalization of $998.73 million, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. 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 (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping 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 analysts’ expectations of $161.55 million. During the same period in the prior year, the company earned $1.34 earnings per share. The firm’s revenue was down 23.7% compared to the same quarter last year. On average, equities research analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently made changes to their positions in the stock. CWM LLC lifted its holdings in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares during the last quarter. LRI Investments LLC acquired a new stake in MGP Ingredients in the first quarter worth $43,000. Innealta Capital LLC bought a new stake in MGP Ingredients in the second quarter valued at $42,000. Farther Finance Advisors LLC boosted its holdings in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the period. Finally, First Horizon Advisors Inc. grew its position in shares of MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

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.