MGP Ingredients (NASDAQ:MGPI) Reaches New 1-Year Low on Insider Selling

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) hit a new 52-week low on Friday after an insider sold shares in the company. The company traded as low as $45.27 and last traded at $45.37, with a volume of 216189 shares traded. The stock had previously closed at $46.75.

Specifically, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MGPI shares. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 target price on MGP Ingredients in a report on Friday, October 18th. Roth Mkm cut their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Truist Financial dropped their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MGP Ingredients currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock has a market capitalization of $998.86 million, a price-to-earnings ratio of 9.43, a P/E/G ratio of 0.76 and a beta of 0.66. The company has a 50-day moving average of $66.96 and a 200-day moving average of $75.42.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.34 EPS. As a group, equities research analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.05%. MGP Ingredients’s payout ratio is currently 9.98%.

Institutional Trading of MGP Ingredients

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Natixis Advisors LLC boosted its position in MGP Ingredients by 107.9% during the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after purchasing an additional 13,332 shares during the period. ZWJ Investment Counsel Inc. grew its position in MGP Ingredients by 2.5% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after purchasing an additional 7,042 shares during the last quarter. GSA Capital Partners LLP bought a new position in MGP Ingredients in the 3rd quarter worth about $1,010,000. Envestnet Asset Management Inc. boosted its holdings in shares of MGP Ingredients by 20.3% in the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after acquiring an additional 19,203 shares in the last quarter. Finally, Earnest Partners LLC boosted its holdings in shares of MGP Ingredients by 16.0% in the second quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock valued at $8,126,000 after acquiring an additional 15,090 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.