MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $95.00

MGP Ingredients (NASDAQ:MGPI) had its price objective decreased by Truist Financial from $125.00 to $95.00 in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other analysts have also recently weighed in on the stock. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Roth Mkm reissued a “buy” rating and issued a $92.00 target price on shares of MGP Ingredients in a report on Thursday, July 25th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, MGP Ingredients has an average rating of “Moderate Buy” and an average price target of $90.60.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI opened at $61.86 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The business’s fifty day moving average price is $84.13 and its two-hundred day moving average price is $80.15. MGP Ingredients has a fifty-two week low of $59.10 and a fifty-two week high of $102.42. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.54 by $0.17. The company had revenue of $190.80 million for the quarter, compared to the consensus estimate of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.49 EPS. As a group, analysts predict that MGP Ingredients will post 6.25 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.78%. MGP Ingredients’s dividend payout ratio (DPR) is currently 11.09%.

Insider Buying and Selling

In other news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 36.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds and other institutional investors have recently bought and sold shares of MGPI. Scout Investments Inc. lifted its stake in shares of MGP Ingredients by 30.5% in the 1st quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock valued at $7,325,000 after purchasing an additional 20,073 shares during the period. Mutual of America Capital Management LLC lifted its stake in MGP Ingredients by 239.2% in the first quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock valued at $5,560,000 after buying an additional 45,527 shares during the period. Congress Asset Management Co. MA lifted its stake in MGP Ingredients by 21.7% in the first quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock valued at $33,333,000 after buying an additional 68,950 shares during the period. Congress Wealth Management LLC DE boosted its holdings in MGP Ingredients by 41.9% during the first quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock worth $4,329,000 after buying an additional 14,843 shares during the last quarter. Finally, Natixis Advisors LLC grew its position in shares of MGP Ingredients by 107.9% during the 2nd 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 during the period. 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.