MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $76.67 Average Price Target from Brokerages

MGP Ingredients, Inc. (NASDAQ:MGPI) has been given a consensus recommendation of “Moderate Buy” by the five analysts that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $76.67.

Several equities research analysts have recently weighed in on the company. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Roth Mkm dropped their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The stock was 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA purchased a new stake in shares of MGP Ingredients in the second quarter valued at $22,028,000. Ariel Investments LLC grew its position in MGP Ingredients by 92.7% during the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after acquiring an additional 248,076 shares during the period. FMR LLC grew its position in MGP Ingredients by 14.2% during the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after acquiring an additional 137,292 shares during the period. State Street Corp grew its position in MGP Ingredients by 22.4% during the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after acquiring an additional 131,542 shares during the period. Finally, Portolan Capital Management LLC purchased a new stake in MGP Ingredients during the third quarter valued at about $6,777,000. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Price Performance

MGPI opened at $45.33 on Friday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The firm has a market cap of $994.99 million, a price-to-earnings ratio of 9.42, a PEG ratio of 0.75 and a beta of 0.63. The stock’s 50-day moving average price is $61.55 and its 200 day moving average price is $73.56. MGP Ingredients has a 12-month low of $43.48 and a 12-month high of $102.42.

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, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the company earned $1.34 EPS. MGP Ingredients’s revenue for the quarter was down 23.7% compared to the same quarter last year. As a group, sell-side analysts expect that MGP Ingredients will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. MGP Ingredients’s dividend payout ratio (DPR) is currently 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.