MGP Ingredients (NASDAQ:MGPI) Reaches New 1-Year Low - What's Next?

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $43.32 and last traded at $43.47, with a volume of 26784 shares trading hands. The stock had previously closed at $43.82.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MGPI. Truist Financial cut their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a report on Friday, November 1st. Lake Street Capital downgraded 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 research report on Friday, October 18th. Roth Mkm dropped their target price on MGP Ingredients from $69.00 to $65.00 and set a "buy" rating on the stock in a research report on Monday, November 4th. StockNews.com raised MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday, November 1st. Finally, Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $76.67.

MGP Ingredients Stock Performance

The firm's fifty day moving average is $53.60 and its 200-day moving average is $71.12. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $935.20 million, a PE ratio of 8.86, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results 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 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%. The firm's revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 EPS. As a group, research analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.13%. MGP Ingredients's payout ratio is 9.98%.

Insider Transactions at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the firm's stock in a transaction dated 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. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 36.20% of the company's stock.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently made changes to their positions in MGPI. CWM LLC boosted its stake in MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company's stock worth $29,000 after purchasing an additional 325 shares during the period. Innealta Capital LLC purchased a new position in shares of MGP Ingredients during the second quarter worth about $42,000. Farther Finance Advisors LLC grew its holdings in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after buying an additional 186 shares during the last quarter. First Horizon Advisors Inc. increased its position in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock valued at $63,000 after acquiring an additional 322 shares during the period. Finally, Point72 DIFC Ltd raised its stake in MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company's stock valued at $84,000 after acquiring an additional 974 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

MGP Ingredients Company Profile

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.