MGP Ingredients (NASDAQ:MGPI) Stock Rating Lowered by TD Cowen

TD Cowen downgraded shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a report published on Wednesday, Marketbeat Ratings reports. The brokerage currently has $50.00 price objective on the stock, down from their prior price objective of $66.00.

Several other research analysts have also recently commented on the company. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm cut their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Trading Up 3.7 %

NASDAQ:MGPI opened at $50.90 on Wednesday. The stock’s 50 day moving average price is $73.54 and its 200 day moving average price is $77.32. MGP Ingredients has a 52 week low of $45.44 and a 52 week high of $102.42. The company has a market capitalization of $1.12 billion, a P/E ratio of 10.58, a P/E/G ratio of 0.79 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the company posted $1.34 earnings per share. The firm’s revenue was down 23.7% on a year-over-year basis. On average, research analysts forecast that MGP Ingredients will post 5.58 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

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

Insider Buying and Selling

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

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth about $677,000. First Horizon Advisors Inc. grew its position in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after buying an additional 322 shares during the period. Pathstone Holdings LLC grew its position in shares of MGP Ingredients by 29.1% during the 3rd quarter. Pathstone Holdings LLC now owns 15,929 shares of the company’s stock worth $1,326,000 after buying an additional 3,588 shares during the period. Natixis Advisors LLC grew its position in shares of MGP Ingredients by 4.0% during the 3rd quarter. Natixis Advisors LLC now owns 26,722 shares of the company’s stock worth $2,225,000 after buying an additional 1,036 shares during the period. Finally, MQS Management LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth about $308,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.