Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $76.67

MGP Ingredients, Inc. (NASDAQ:MGPI) has earned an average rating of “Moderate Buy” from the five research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $76.67.

Several equities research analysts have commented on MGPI shares. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $66.00 to $50.00 in a report on Wednesday. Truist Financial dropped their target price 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. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a report on Friday, October 18th.

MGP Ingredients Trading Up 3.7 %

NASDAQ MGPI opened at $50.90 on Wednesday. The business’s fifty day moving average is $73.54 and its 200 day moving average is $77.34. MGP Ingredients has a twelve month low of $45.44 and a twelve month high of $102.42. 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 company has a market cap of $1.12 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last posted 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. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm’s revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.34 EPS. As a group, sell-side analysts expect that MGP Ingredients will post 5.58 EPS 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 0.94%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s payout ratio is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg sold 12,092 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the transaction, the director now owns 54,542 shares in the company, valued at approximately $4,944,232.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norden Group LLC acquired a new stake in shares of MGP Ingredients during the first quarter valued at about $261,000. Janney Montgomery Scott LLC purchased a new stake in MGP Ingredients in the first quarter valued at approximately $495,000. FORA Capital LLC acquired a new position in MGP Ingredients during the first quarter worth $287,000. Mutual of America Capital Management LLC boosted its position in shares of MGP Ingredients by 239.2% during the first quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock worth $5,560,000 after buying an additional 45,527 shares during the period. Finally, Texas Permanent School Fund Corp boosted its position in shares of MGP Ingredients by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock worth $1,178,000 after buying an additional 177 shares during the period. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.