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

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five research firms that are currently covering the firm, Marketbeat Ratings 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 brokerages that have updated their coverage on the stock in the last year is $76.67.

Several research analysts have recently weighed in on the stock. TD Cowen downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and decreased their target price for the company from $66.00 to $50.00 in a research note on Wednesday. Lake Street Capital downgraded MGP Ingredients from a "buy" rating to a "hold" rating and lowered their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial cut their price target on MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday, November 1st. Finally, Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th.

Insider Activity

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares of the company's stock, valued at approximately $4,944,232.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 36.20% of the company's stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd grew its stake in shares of MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company's stock valued at $68,000 after buying an additional 150 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of MGP Ingredients by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company's stock valued at $1,178,000 after purchasing an additional 177 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after purchasing an additional 186 shares in the last quarter. Louisiana State Employees Retirement System increased its position in MGP Ingredients by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company's stock worth $588,000 after buying an additional 200 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in MGP Ingredients by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company's stock valued at $275,000 after buying an additional 220 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Stock Performance

MGP Ingredients stock traded up $1.99 during trading hours on Wednesday, reaching $48.94. 345,633 shares of the stock were exchanged, compared to its average volume of 237,180. 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 52-week low of $45.44 and a 52-week high of $102.42. The stock has a market cap of $1.08 billion, a P/E ratio of 9.76, a P/E/G ratio of 0.74 and a beta of 0.66. The firm's 50 day moving average is $75.97 and its 200 day moving average is $77.95.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its earnings results 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. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. MGP Ingredients's revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 earnings per share. Analysts predict that MGP Ingredients will post 5.58 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.98%. MGP Ingredients's dividend payout ratio is currently 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.