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

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price reached a new 52-week low on Tuesday after Roth Mkm lowered their price target on the stock from $65.00 to $60.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $38.65 and last traded at $39.85, with a volume of 630081 shares trading hands. The stock had previously closed at $40.00.

A number of other research analysts also recently weighed in on 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. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, Truist Financial dropped their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.83.

Insider Buying and Selling

In other news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 36.20% of the stock is currently owned by company insiders.

Institutional Trading of MGP Ingredients

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

MGP Ingredients Price Performance

The stock has a market cap of $874.83 million, a price-to-earnings ratio of 8.28, a P/E/G ratio of 0.74 and a beta of 0.63. 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 company’s fifty day moving average is $49.71 and its two-hundred day moving average is $69.93.

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 business had revenue of $161.50 million during the quarter, compared to analysts’ expectations 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 previous year, the firm posted $1.34 earnings per share. As a group, research analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s payout ratio 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.