MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $95.00 by Analysts at Truist Financial

MGP Ingredients (NASDAQ:MGPI) had its target price cut by Truist Financial from $125.00 to $95.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Roth Mkm reaffirmed a “buy” rating and set a $92.00 target price on shares of MGP Ingredients in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.60.

MGP Ingredients Stock Down 24.2 %

Shares of MGP Ingredients stock opened at $61.86 on Wednesday. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 14.29, a P/E/G ratio of 1.16 and a beta of 0.59. The stock has a 50-day simple moving average of $84.13 and a 200-day simple moving average of $80.15. MGP Ingredients has a 52-week low of $59.10 and a 52-week high of $102.42. 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 (NASDAQ:MGPI) last posted its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. The firm had revenue of $190.80 million during 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 company’s revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.49 earnings per share. On average, equities research analysts expect that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors 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 0.78%. MGP Ingredients’s payout ratio is 11.09%.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 54,542 shares in the company, valued at $4,944,232.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MGPI. Covestor Ltd grew its position in MGP Ingredients by 23.3% during the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after buying an additional 150 shares in the last quarter. Texas Permanent School Fund Corp raised its stake in shares of MGP Ingredients by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock valued at $1,178,000 after purchasing an additional 177 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of MGP Ingredients by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after purchasing an additional 200 shares in the last quarter. ProShare Advisors LLC lifted its position in MGP Ingredients by 7.4% in the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after purchasing an additional 220 shares during the period. Finally, CWM LLC boosted its stake in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after buying an additional 325 shares in the last quarter. Institutional investors and hedge funds 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.