MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $75.83 Average Target Price from Brokerages

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have earned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $75.83.

A number of analysts have issued reports on MGPI shares. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm reduced their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th.

MGP Ingredients Stock Down 1.9 %

Shares of NASDAQ:MGPI opened at $39.49 on Thursday. 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 company has a market capitalization of $866.92 million, a price-to-earnings ratio of 8.21, a PEG ratio of 0.74 and a beta of 0.63. The business has a 50-day moving average price of $47.62 and a 200 day moving average price of $69.28. MGP Ingredients has a 12-month low of $38.65 and a 12-month high of $102.12.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 earnings per share. Sell-side analysts expect that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’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 sale, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

Several institutional investors and hedge funds have recently modified their holdings of the business. Isthmus Partners LLC raised its holdings 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 acquiring an additional 860 shares during the last quarter. Innealta Capital LLC acquired a new position in MGP Ingredients in the 2nd quarter valued at about $42,000. Farther Finance Advisors LLC lifted its holdings in MGP Ingredients by 45.3% in the 3rd 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. boosted its stake in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares during the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of MGP Ingredients during the second quarter worth about $82,000. 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.