MGP Ingredients (NASDAQ:MGPI) Sees Strong Trading Volume – Time to Buy?

MGP Ingredients, Inc. (NASDAQ:MGPI) shares saw strong trading volume on Friday . Approximately 520,155 shares traded hands during trading, an increase of 118% from the previous session’s volume of 239,066 shares.The stock last traded at $50.64 and had previously closed at $49.07.

Analyst Ratings Changes

A number of equities research analysts have commented on MGPI shares. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $66.00 to $50.00 in a research report on Wednesday. Finally, Lake Street Capital downgraded 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 note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Stock Up 3.7 %

The company has a fifty day simple moving average of $74.31 and a 200-day simple moving average of $77.54. 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 firm has a market cap of $1.12 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same period in the prior year, the company earned $1.34 EPS. The business’s revenue was down 23.7% compared to the same quarter last year. On average, equities analysts anticipate that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently bought and sold shares of MGPI. CWM LLC grew its position in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after acquiring an additional 325 shares in the last quarter. Isthmus Partners LLC lifted its holdings in shares of MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after purchasing an additional 860 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients in the 2nd quarter valued at $42,000. LRI Investments LLC acquired a new stake in shares of MGP Ingredients during the first quarter worth about $43,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.