MGP Ingredients, Inc. (NASDAQ:MGPI) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) have been given an average rating of "Moderate Buy" by the six brokerages that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $71.29.

A number of equities research analysts have commented on the company. StockNews.com raised MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and reduced their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial lowered their price objective 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. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th.

MGP Ingredients Trading Up 0.4 %

Shares of MGPI stock traded up $0.14 during trading hours on Monday, hitting $36.05. 186,175 shares of the company were exchanged, compared to its average volume of 363,588. 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 has a fifty-two week low of $34.02 and a fifty-two week high of $92.90. The company has a 50 day simple moving average of $42.87 and a two-hundred day simple moving average of $65.37. The firm has a market cap of $791.30 million, a P/E ratio of 7.49 and a beta of 0.65.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business's quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 earnings per share. Equities analysts anticipate that MGP Ingredients will post 5.56 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently announced 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 of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.33%. MGP Ingredients's payout ratio is presently 9.98%.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction dated 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGPI. JPMorgan Chase & Co. grew its stake in shares of MGP Ingredients by 201.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock worth $5,388,000 after acquiring an additional 43,233 shares during the period. ZWJ Investment Counsel Inc. lifted its holdings in MGP Ingredients by 2.5% during the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company's stock valued at $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 during the third quarter worth about $1,010,000. MML Investors Services LLC increased its stake in shares of MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company's stock worth $410,000 after purchasing an additional 1,083 shares in the last quarter. Finally, NFJ Investment Group LLC bought a new stake in shares of MGP Ingredients in the third quarter valued at approximately $3,181,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

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.