MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $60.00 at Roth Mkm

MGP Ingredients (NASDAQ:MGPI) had its price target cut by Roth Mkm from $65.00 to $60.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently issued reports on the stock. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Truist Financial lowered their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $75.83.

MGP Ingredients Price Performance

Shares of MGP Ingredients stock opened at $39.85 on Monday. The stock has a market cap of $874.83 million, a price-to-earnings ratio of 8.28, a price-to-earnings-growth 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 has a one year low of $38.65 and a one year high of $102.42. 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 posted 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 return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the previous year, the business earned $1.34 EPS. MGP Ingredients’s revenue was down 23.7% compared to the same quarter last year. Equities analysts expect that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.12 per share. 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 dividend payout ratio (DPR) is 9.98%.

Insider Activity at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors and hedge funds have recently bought and sold shares of MGPI. Isthmus Partners LLC grew its holdings in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares during the period. Innealta Capital LLC acquired a new stake in shares of MGP Ingredients during the second quarter valued at about $42,000. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% in the 3rd 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 period. First Horizon Advisors Inc. lifted its holdings in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $82,000. 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.