MGP Ingredients, Inc. (NASDAQ:MGPI) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been given an average rating of “Moderate Buy” by the six ratings firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $71.29.

MGPI has been the subject of a number of research reports. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial cut their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Wells Fargo & Company cut their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction 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 owns 37,373 shares in the company, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Ariel Investments LLC increased its holdings in shares of MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after purchasing an additional 248,076 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of MGP Ingredients by 67.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock worth $41,261,000 after purchasing an additional 199,550 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of MGP Ingredients by 1,292.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock worth $7,429,000 after purchasing an additional 175,142 shares during the period. FMR LLC increased its holdings in shares of MGP Ingredients by 14.2% during the 3rd 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 period. Finally, State Street Corp increased its holdings in shares of MGP Ingredients by 22.4% during the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after purchasing an additional 131,542 shares during the period. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Up 0.4 %

Shares of NASDAQ:MGPI opened at $36.05 on Monday. The firm has a fifty day moving average of $42.87 and a two-hundred day moving average of $65.37. The firm has a market capitalization of $791.30 million, a P/E ratio of 7.49 and a beta of 0.65. MGP Ingredients has a 12-month low of $34.02 and a 12-month high of $92.90. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter last year, the business posted $1.34 EPS. On average, equities analysts expect that MGP Ingredients will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors 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 yield of 1.33%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

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.