MGP Ingredients (NASDAQ:MGPI) Sees Large Volume Increase - Here's What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) shares saw unusually-high trading volume on Friday . Approximately 520,155 shares were traded during trading, an increase of 118% from the previous session's volume of 239,066 shares.The stock last traded at $50.64 and had previously closed at $49.07.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MGPI. StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Lake Street Capital lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, TD Cowen lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and cut their price target for the stock from $66.00 to $50.00 in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $76.67.

MGP Ingredients Stock Up 3.7 %

The stock has a market cap of $1.12 billion, a P/E ratio of 10.20, a PEG ratio of 0.76 and a beta of 0.66. The stock's fifty day simple moving average is $74.31 and its 200-day simple moving average is $77.54. 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 posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the previous year, the business earned $1.34 EPS. The company's quarterly revenue was down 23.7% compared to the same quarter last year. On average, research analysts anticipate that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients's payout ratio is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares of the company's stock, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company's stock.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors have recently made changes to their positions in the stock. Covestor Ltd lifted its position in MGP Ingredients by 23.3% during the 1st quarter. Covestor Ltd now owns 795 shares of the company's stock worth $68,000 after buying an additional 150 shares in the last quarter. Texas Permanent School Fund Corp boosted its position 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 worth $1,178,000 after acquiring an additional 177 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock valued at $50,000 after buying an additional 186 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of MGP Ingredients by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company's stock valued at $588,000 after purchasing an additional 200 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of MGP Ingredients by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company's stock worth $275,000 after buying an additional 220 shares in the last quarter. 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.

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