MGP Ingredients (NASDAQ:MGPI) Trading Down 3.3% - Here's What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report)'s share price fell 3.3% during mid-day trading on Friday . The stock traded as low as $38.84 and last traded at $40.42. 60,677 shares were traded during trading, a decline of 77% from the average session volume of 258,618 shares. The stock had previously closed at $41.80.

Wall Street Analyst Weigh In

MGPI has been the topic of several recent analyst reports. TD Cowen downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and reduced their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial decreased their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research note on Friday, October 18th. Roth Mkm decreased their price target 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. Finally, StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.67.

MGP Ingredients Trading Down 4.3 %

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 business's fifty day moving average is $52.10 and its two-hundred day moving average is $70.71. The firm has a market cap of $878.12 million, a price-to-earnings ratio of 8.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping 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 return on equity of 14.39% and a net margin of 14.44%. The firm's quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.34 earnings per share. Equities analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Friday, November 15th. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 36.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Natixis Advisors LLC increased its holdings in MGP Ingredients by 107.9% in the second 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. increased its stake in shares of MGP Ingredients by 2.5% in the 3rd 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 last quarter. GSA Capital Partners LLP acquired a new stake in shares of MGP Ingredients in the 3rd quarter valued at approximately $1,010,000. NFJ Investment Group LLC bought a new position in MGP Ingredients during the 3rd quarter worth approximately $3,181,000. Finally, Envestnet Asset Management Inc. grew its holdings in MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company's stock valued at $8,457,000 after purchasing an additional 19,203 shares during the period. 77.11% of the stock is currently owned by institutional investors.

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.