MGP Ingredients (NASDAQ:MGPI) Reaches New 52-Week Low After Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI) hit a new 52-week low during mid-day trading on Tuesday after Roth Mkm lowered their price target on the stock from $65.00 to $60.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $38.65 and last traded at $39.85, with a volume of 630081 shares changing hands. The stock had previously closed at $40.00.

Other equities analysts have also recently issued reports about the stock. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. TD Cowen lowered 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 note on Wednesday, November 6th. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price 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 issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.83.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new position in shares of MGP Ingredients in the second quarter worth $42,000. Farther Finance Advisors LLC raised its stake in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the last quarter. First Horizon Advisors Inc. lifted its position in 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 acquiring an additional 322 shares during the period. Point72 DIFC Ltd grew its stake in MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after purchasing an additional 974 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of MGP Ingredients in the second quarter valued at about $82,000. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Stock Performance

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 market capitalization of $874.83 million, a PE ratio of 8.28, a PEG ratio of 0.74 and a beta of 0.63. The firm has a 50 day moving average price of $49.71 and a 200-day moving average price of $69.93.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million during 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%. MGP Ingredients’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period last year, the firm posted $1.34 EPS. Research analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

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.