MGP Ingredients (NASDAQ:MGPI) Hits New 52-Week Low After Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI) hit a new 52-week low during trading on Tuesday after Roth Mkm lowered their price target on the stock from $65.00 to $60.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $38.65 and last traded at $39.85, with a volume of 630081 shares. The stock had previously closed at $40.00.

MGPI has been the topic of a number of other reports. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. Truist Financial lowered their price target 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. Finally, Lake Street Capital cut shares of 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 research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.83.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, 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. 36.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System boosted 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of MGP Ingredients by 25.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,681 shares of the company’s stock worth $348,000 after buying an additional 962 shares during the period. Innealta Capital LLC bought a new position in shares of MGP Ingredients in the second quarter worth $42,000. nVerses Capital LLC acquired a new position in MGP Ingredients during the 2nd quarter valued at about $82,000. Finally, Natixis Advisors LLC raised its holdings in MGP Ingredients by 107.9% during the second 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 in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Down 0.4 %

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 company has a market cap of $874.83 million, a P/E ratio of 8.28, a P/E/G ratio of 0.74 and a beta of 0.63. The stock has a 50 day moving average price of $50.51 and a 200 day moving average price of $70.16.

MGP Ingredients (NASDAQ:MGPI) last announced 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 during the quarter, compared to analyst estimates of $161.55 million. During the same period last year, the company posted $1.34 EPS. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. Research analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.20%. MGP Ingredients’s payout ratio is presently 9.98%.

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.