MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $75.83 Average PT from Brokerages

MGP Ingredients, Inc. (NASDAQ:MGPI) has received an average rating of “Moderate Buy” from the five ratings firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $75.83.

A number of brokerages have issued reports on MGPI. Truist Financial cut their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital cut 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 report on Friday, October 18th. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st.

MGP Ingredients Stock Performance

Shares of MGPI opened at $39.49 on Thursday. The business has a 50-day simple moving average of $47.62 and a two-hundred day simple moving average of $69.28. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 52 week low of $38.65 and a 52 week high of $102.12. The stock has a market cap of $866.92 million, a price-to-earnings ratio of 8.21, a PEG ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm’s revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 EPS. On average, analysts expect that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given 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 yield of 1.22%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Activity

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Isthmus Partners LLC grew its stake in MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after acquiring an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of MGP Ingredients in the 2nd quarter worth $42,000. Farther Finance Advisors LLC boosted its position in shares of MGP Ingredients by 45.3% during 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 last quarter. First Horizon Advisors Inc. grew its holdings in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the period. Finally, nVerses Capital LLC acquired a new stake in MGP Ingredients during the second quarter worth about $82,000. 77.11% of the stock is owned by institutional investors and hedge funds.

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.