MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $65.00 at Roth Mkm

MGP Ingredients (NASDAQ:MGPI - Free Report) had its target price reduced by Roth Mkm from $69.00 to $65.00 in a report released on Monday, Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Other analysts also recently issued reports about the stock. Lake Street Capital downgraded 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 report on Friday, October 18th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday. Finally, Truist Financial dropped their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Friday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients has an average rating of "Moderate Buy" and an average price target of $82.00.

MGP Ingredients Stock Performance

NASDAQ:MGPI traded up $0.95 during mid-day trading on Monday, hitting $46.47. The stock had a trading volume of 912,040 shares, compared to its average volume of 235,348. MGP Ingredients has a 52 week low of $45.48 and a 52 week high of $102.42. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 9.65, a P/E/G ratio of 0.78 and a beta of 0.66. The company has a 50 day simple moving average of $77.75 and a 200-day simple moving average of $78.41. The company has a current ratio of 6.46, a quick ratio of 2.22 and a debt-to-equity ratio of 0.31.

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

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients's dividend payout ratio (DPR) is currently 9.98%.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of MGP Ingredients stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the transaction, the director now directly owns 54,542 shares of the company's stock, valued at $4,944,232.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 36.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. CWM LLC grew its position in 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 in the last quarter. Isthmus Partners LLC grew its position in MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company's stock valued at $31,000 after purchasing an additional 860 shares in the last quarter. Innealta Capital LLC purchased a new position in MGP Ingredients during the second quarter valued at approximately $42,000. LRI Investments LLC purchased a new position in MGP Ingredients during the first quarter valued at approximately $43,000. Finally, Farther Finance Advisors LLC grew its position in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock valued at $50,000 after purchasing an additional 186 shares in the last quarter. 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.