MGP Ingredients (NASDAQ:MGPI) Shares Down 3.3% – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price traded down 3.3% during mid-day trading on Friday . The stock traded as low as $38.84 and last traded at $40.42. 60,677 shares traded hands during trading, a decline of 77% from the average session volume of 258,618 shares. The stock had previously closed at $41.80.

Wall Street Analyst Weigh In

MGPI has been the topic of several recent research reports. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm decreased their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Lake Street Capital cut shares of 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. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Price Performance

The firm has a market capitalization of $878.12 million, a PE ratio of 8.32, a PEG ratio of 0.74 and a beta of 0.63. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $51.31 and a 200 day moving average price of $70.46.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $161.55 million. During the same period in the prior year, the business posted $1.34 earnings per share. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. Equities analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. Isthmus Partners LLC lifted its stake in shares of MGP Ingredients by 2.1% in the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $42,000. Farther Finance Advisors LLC grew its position in shares of MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in MGP Ingredients during the second quarter worth approximately $82,000. Institutional investors and hedge funds 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.