MGP Ingredients (NASDAQ:MGPI) Hits New 12-Month Low – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low during trading on Monday . The company traded as low as $38.24 and last traded at $38.46, with a volume of 16807 shares trading hands. The stock had previously closed at $39.49.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. TD Cowen lowered shares of 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. Truist Financial reduced their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Roth Mkm dropped their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.83.

MGP Ingredients Trading Down 2.2 %

The firm has a 50-day simple moving average of $47.62 and a 200-day simple moving average of $69.21. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a market cap of $847.82 million, a PE ratio of 8.03, a P/E/G ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results 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. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same quarter in the previous year, the firm earned $1.34 EPS. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. Equities analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.24%. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s 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 transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in MGP Ingredients by 14.2% during the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after purchasing an additional 137,292 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of MGP Ingredients by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after buying an additional 68,278 shares in the last quarter. State Street Corp lifted its position in MGP Ingredients by 22.4% in the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after buying an additional 131,542 shares during the last quarter. Ariel Investments LLC boosted its stake in MGP Ingredients by 92.7% in the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after buying an additional 248,076 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock worth $41,261,000 after buying an additional 199,550 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

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.