MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low on Analyst Downgrade

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) hit a new 52-week low during trading on Tuesday after Roth Mkm lowered their price target on the stock from $69.00 to $65.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $45.44 and last traded at $46.12, with a volume of 16826 shares. The stock had previously closed at $46.47.

MGPI has been the subject of a number of other reports. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Truist Financial cut their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. Finally, StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the sale, the director now directly owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 36.20% of the stock is currently owned by insiders.

Institutional Trading of MGP Ingredients

Large investors have recently made changes to their positions in the business. Covestor Ltd lifted 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 buying an additional 150 shares in the last quarter. Texas Permanent School Fund Corp lifted 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 purchasing an additional 177 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of MGP Ingredients by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after purchasing an additional 200 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in MGP Ingredients by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after purchasing an additional 220 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Up 1.0 %

The stock has a market cap of $1.03 billion, a P/E ratio of 9.70, a PEG ratio of 0.74 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm’s 50-day moving average is $76.84 and its two-hundred day moving average is $78.18.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating 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 return on equity of 14.39% and a net margin of 14.44%. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 earnings per share. On average, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm 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 $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

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.