Truist Financial Lowers MGP Ingredients (NASDAQ:MGPI) Price Target to $85.00

MGP Ingredients (NASDAQ:MGPI) had its price target cut by Truist Financial from $95.00 to $85.00 in a report released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Roth Mkm lowered their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Finally, Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, MGP Ingredients presently has a consensus rating of “Hold” and a consensus price target of $88.60.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI opened at $57.37 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. MGP Ingredients has a 1 year low of $56.50 and a 1 year high of $102.42. The firm has a market capitalization of $1.26 billion, a PE ratio of 13.28, a P/E/G ratio of 0.94 and a beta of 0.59. The business’s 50 day moving average price is $81.32 and its 200-day moving average price is $79.31.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. The company had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.49 EPS. As a group, equities research analysts expect that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.84%. MGP Ingredients’s dividend payout ratio (DPR) is 11.11%.

Insider Activity

In related news, Director Karen Seaberg sold 12,092 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Champlain Investment Partners LLC lifted its holdings in shares of MGP Ingredients by 25.4% in the 1st quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after acquiring an additional 276,675 shares during the last quarter. Vanguard Group Inc. lifted its stake in MGP Ingredients by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after purchasing an additional 8,770 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MGP Ingredients by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after buying an additional 68,278 shares during the period. Ariel Investments LLC grew its stake in shares of MGP Ingredients by 92.7% in the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after buying an additional 248,076 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of MGP Ingredients in the 2nd quarter valued at $22,028,000. 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.