MGP Ingredients (NASDAQ:MGPI) Downgraded to "Hold" Rating by TD Cowen

TD Cowen cut shares of MGP Ingredients (NASDAQ:MGPI - Free Report) from a buy rating to a hold rating in a research note published on Wednesday, MarketBeat Ratings reports. TD Cowen currently has $50.00 price objective on the stock, down from their previous price objective of $66.00.

MGPI has been the subject of several other research reports. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a "buy" rating on the stock in a research report on Monday. Lake Street Capital lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and dropped their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday, November 1st. Finally, Truist Financial lowered their price target 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. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $76.67.

MGP Ingredients Trading Up 2.9 %

Shares of MGPI traded up $1.34 during trading hours on Wednesday, hitting $48.29. 544,399 shares of the stock traded hands, compared to its average volume of 644,738. The business has a fifty day moving average of $75.97 and a 200-day moving average of $77.95. 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 firm has a market capitalization of $1.06 billion, a PE ratio of 10.04, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. MGP Ingredients has a 1-year low of $45.44 and a 1-year high of $102.42.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company's revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share. Analysts expect that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Dividend Announcement

The company 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 dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Friday, November 15th. MGP Ingredients's payout ratio is 9.98%.

Insider Buying and Selling

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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 36.20% of the stock is owned by corporate insiders.

Institutional Trading of MGP Ingredients

Hedge funds have recently made changes to their positions in the stock. CWM LLC grew its stake in shares of MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company's stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. Isthmus Partners LLC increased its holdings in shares of MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company's stock worth $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC bought a new position in MGP Ingredients during the 2nd quarter worth approximately $42,000. LRI Investments LLC bought a new position in shares of MGP Ingredients in the 1st quarter worth $43,000. Finally, Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after purchasing an additional 186 shares during the period. 77.11% of the stock is owned by hedge funds and other 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.