MGP Ingredients (NASDAQ:MGPI) Upgraded at StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

Other research analysts have also issued research reports about the stock. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial lowered their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Finally, Roth Mkm decreased their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, MGP Ingredients currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.60.

MGP Ingredients Stock Performance

MGPI stock opened at $45.52 on Friday. The company has a quick ratio of 2.22, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a twelve month low of $45.48 and a twelve month high of $102.42. The business’s fifty day moving average is $77.75 and its 200-day moving average is $78.41. The company has a market cap of $1.00 billion, a P/E ratio of 9.46, a price-to-earnings-growth ratio of 0.78 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share 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 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 quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 EPS. Equities research analysts forecast that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Activity

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the transaction, the director now directly owns 54,542 shares of the company’s stock, valued at $4,944,232.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 36.20% of the stock is owned by company insiders.

Institutional Trading of MGP Ingredients

Large investors have recently made changes to their positions in the company. Covestor Ltd grew its position in MGP Ingredients by 23.3% during the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after acquiring an additional 150 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of MGP Ingredients by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock valued at $1,178,000 after purchasing an additional 177 shares during the period. Farther Finance Advisors LLC grew its stake in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of MGP Ingredients by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock worth $588,000 after buying an additional 200 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in MGP Ingredients by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after acquiring an additional 220 shares in the last quarter. Institutional investors and hedge funds 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.