Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) reached a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $45.27 and last traded at $45.37, with a volume of 216189 shares trading hands. The stock had previously closed at $46.75.
Specifically, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients 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 of the company's stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. TD Cowen cut MGP Ingredients from a "buy" rating to a "hold" rating and lowered their target price for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday, November 1st. Lake Street Capital downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Roth Mkm lowered their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a "buy" rating on the stock in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $76.67.
Read Our Latest Stock Report on MGPI
MGP Ingredients Stock Performance
The company has a fifty day moving average price of $66.17 and a two-hundred day moving average price of $75.19. The firm has a market cap of $998.73 million, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.
MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.02. The company 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% on a year-over-year basis. During the same period in the prior year, the company earned $1.34 EPS. As a group, equities research analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current year.
MGP Ingredients Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.05%. MGP Ingredients's dividend payout ratio (DPR) is 9.98%.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of MGPI. Natixis Advisors LLC lifted its stake in MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company's stock valued at $1,911,000 after buying an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. raised its holdings in shares of 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 acquiring an additional 7,042 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of MGP Ingredients in the 3rd quarter valued at approximately $1,010,000. Envestnet Asset Management Inc. boosted its stake in MGP Ingredients by 20.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company's stock worth $8,457,000 after purchasing an additional 19,203 shares during the period. Finally, Earnest Partners LLC grew its position in MGP Ingredients by 16.0% during the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company's stock worth $8,126,000 after purchasing an additional 15,090 shares in the last quarter. Institutional investors own 77.11% of the company's stock.
About MGP Ingredients
(
Get Free Report)
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.
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