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

MGP Ingredients, Inc. (NASDAQ:MGPI) has been given an average recommendation of “Moderate Buy” by the five analysts that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $76.67.

A number of research firms recently weighed in on MGPI. Roth Mkm cut their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Finally, Truist Financial decreased their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st.

MGP Ingredients Trading Down 1.0 %

Shares of MGPI opened at $45.33 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. MGP Ingredients has a 1 year low of $43.48 and a 1 year high of $102.42. The company has a 50 day simple moving average of $61.55 and a two-hundred day simple moving average of $73.56. The firm has a market cap of $994.99 million, a P/E ratio of 9.42, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data 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. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same period last year, the firm posted $1.34 EPS. The company’s revenue was down 23.7% on a year-over-year basis. On average, equities analysts expect that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. MGP Ingredients’s payout ratio is 9.98%.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

A number of large investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $22,028,000. Ariel Investments LLC grew its holdings in MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after buying an additional 248,076 shares in the last quarter. FMR LLC grew its holdings in MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after buying an additional 137,292 shares in the last quarter. State Street Corp grew 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. Finally, Portolan Capital Management LLC purchased a new position in shares of MGP Ingredients during the 3rd quarter worth $6,777,000. Hedge funds and other institutional investors 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.