Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $76.67

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five ratings firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $76.67.

A number of research analysts have weighed in on MGPI shares. Lake Street Capital lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and cut their price target for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial dropped 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. Roth Mkm reduced their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, November 4th. TD Cowen cut MGP Ingredients from a "buy" rating to a "hold" rating and lowered their target price for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th.

MGP Ingredients Trading Up 0.6 %

Shares of MGPI traded up $0.29 during trading hours on Friday, reaching $46.28. The stock had a trading volume of 299,172 shares, compared to its average volume of 519,309. The company has a market cap of $1.02 billion, a P/E ratio of 9.62, a P/E/G ratio of 0.76 and a beta of 0.66. MGP Ingredients has a 52 week low of $43.48 and a 52 week high of $102.42. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $62.30 and a 200 day moving average of $73.86.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted 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 analysts' expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company's revenue was down 23.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.34 earnings per share. On average, sell-side analysts expect that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm 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 annualized dividend and a yield of 1.04%. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company's 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 sale, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karen Seaberg sold 1,109 shares of the firm's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now directly owns 134,969 shares of the company's stock, valued at $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,610 shares of company stock worth $445,155 in the last quarter. Corporate insiders own 36.20% of the company's stock.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of the company. Natixis Advisors LLC lifted its holdings in MGP Ingredients by 107.9% during the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company's stock valued at $1,911,000 after purchasing an additional 13,332 shares during the last quarter. ZWJ Investment Counsel Inc. raised its position in shares of MGP Ingredients by 2.5% in 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 period. GSA Capital Partners LLP acquired a new stake in shares of MGP Ingredients during the 3rd quarter worth about $1,010,000. Envestnet Asset Management Inc. boosted its holdings in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company's stock worth $8,457,000 after buying an additional 19,203 shares during the period. Finally, Earnest Partners LLC grew its stake in MGP Ingredients by 16.0% in the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company's stock valued at $8,126,000 after buying an additional 15,090 shares during the last quarter. 77.11% of the stock is owned by 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.