Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $76.67

MGP Ingredients, Inc. (NASDAQ:MGPI) has received an average recommendation of “Moderate Buy” from the five research firms that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $76.67.

Several research firms have issued reports on MGPI. Truist Financial dropped their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Finally, Roth Mkm reduced their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $50.90 on Wednesday. The stock has a market capitalization of $1.12 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. MGP Ingredients has a 52-week low of $45.44 and a 52-week high of $102.42. The stock’s 50-day moving average price is $73.54 and its 200 day moving average price is $77.34. 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 quarterly 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. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.34 EPS. As a group, equities research analysts forecast that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.94%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 36.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

Several institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd grew its stake 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 during the last quarter. Texas Permanent School Fund Corp boosted its stake in 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 acquiring an additional 177 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in 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 acquiring an additional 186 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in 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 acquiring an additional 200 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of MGP Ingredients by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after acquiring an additional 220 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.