MGP Ingredients (NASDAQ:MGPI) Hits New 52-Week Low - Here's Why

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $56.35 and last traded at $56.65, with a volume of 261519 shares. The stock had previously closed at $58.69.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MGPI shares. StockNews.com downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Monday, October 21st. Truist Financial cut their price target on MGP Ingredients from $95.00 to $85.00 and set a "buy" rating on the stock in a report on Tuesday, October 22nd. Roth Mkm reduced their price target on MGP Ingredients from $92.00 to $88.00 and set a "buy" rating for the company in a research report on Friday, October 18th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and reduced their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, MGP Ingredients has a consensus rating of "Hold" and a consensus price target of $88.60.

MGP Ingredients Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The stock has a market cap of $1.25 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 0.93 and a beta of 0.59. The firm has a fifty day moving average price of $80.12 and a 200 day moving average price of $79.01.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company had revenue of $190.80 million during the quarter, compared to analysts' expectations of $189.06 million. During the same period last year, the business posted $1.49 earnings per share. The firm's revenue was down 8.7% compared to the same quarter last year. Research analysts forecast that MGP Ingredients, Inc. will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.85%. The ex-dividend date was Friday, August 16th. MGP Ingredients's dividend payout ratio is presently 11.11%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of MGP Ingredients stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares in the company, valued at approximately $4,944,232.30. 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 currently owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd raised 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 during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of MGP Ingredients by 1.3% in the first 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 during the period. Farther Finance Advisors LLC raised 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 purchasing an additional 186 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in MGP Ingredients by 2.6% during the second 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 period. Finally, ProShare Advisors LLC boosted its holdings in MGP Ingredients by 7.4% in the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company's stock valued at $275,000 after purchasing an additional 220 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

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.