MGP Ingredients (NASDAQ:MGPI) Trading Down 3.3% – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price traded down 3.3% on Friday . The stock traded as low as $38.84 and last traded at $40.42. 60,677 shares changed hands during trading, a decline of 77% from the average session volume of 258,618 shares. The stock had previously closed at $41.80.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MGPI. Roth Mkm cut their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Lake Street Capital downgraded 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. Finally, 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, November 1st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Performance

The business has a fifty day simple moving average of $51.31 and a two-hundred day simple moving average of $70.46. The company has a market cap of $878.12 million, a PE ratio of 8.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate 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 last year, the company earned $1.34 earnings per share. Research analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company 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 was Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. World Investment Advisors LLC purchased a new stake in shares of MGP Ingredients during the third quarter valued at $6,100,000. Virtu Financial LLC purchased a new stake in MGP Ingredients during the 3rd quarter valued at about $373,000. MML Investors Services LLC increased its holdings in shares of MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock valued at $410,000 after purchasing an additional 1,083 shares during the period. Villanova Investment Management Co LLC lifted its holdings in shares of MGP Ingredients by 6.2% during the third quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock worth $1,892,000 after purchasing an additional 1,333 shares during the period. Finally, Weiss Asset Management LP purchased a new stake in MGP Ingredients in the third quarter valued at approximately $986,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.