MGP Ingredients (NASDAQ:MGPI) Sets New 52-Week Low Following Analyst Downgrade

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low on Tuesday after Wells Fargo & Company lowered their price target on the stock from $58.00 to $44.00. Wells Fargo & Company currently has an overweight rating on the stock. MGP Ingredients traded as low as $37.61 and last traded at $37.64, with a volume of 76325 shares traded. The stock had previously closed at $38.53.

Other equities analysts have also issued research reports about the stock. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Roth Mkm reduced their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.29.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Several large investors have recently added to or reduced their stakes in MGPI. GAMMA Investing LLC boosted its position in shares of MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares during the last quarter. Versant Capital Management Inc lifted its position in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares during the last quarter. Farther Finance Advisors LLC grew 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 buying an additional 186 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings 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 acquiring an additional 322 shares during the last quarter. Finally, Point72 DIFC Ltd lifted its holdings in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after acquiring an additional 974 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

The firm’s 50-day moving average is $44.94 and its 200-day moving average is $67.47. 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 capitalization of $802.82 million, a PE ratio of 7.60, a price-to-earnings-growth ratio of 0.74 and a beta of 0.65.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.34 EPS. Equities analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.31%. 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.