MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $50.33 Average PT from Analysts

MGP Ingredients, Inc. (NASDAQ:MGPI) has received a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $50.33.

Several brokerages recently commented on MGPI. Truist Financial cut their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company lowered their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Finally, Wall Street Zen downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Saturday, May 10th.

Insider Buying and Selling at MGP Ingredients

In other news, Director Martin Roper bought 15,000 shares of the stock in a transaction dated Thursday, May 8th. The shares were acquired at an average price of $33.10 per share, with a total value of $496,500.00. Following the completion of the acquisition, the director directly owned 18,180 shares in the company, valued at approximately $601,758. The trade was a 471.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 34.40% of the stock is currently owned by insiders.

Institutional Trading of MGP Ingredients

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Penserra Capital Management LLC boosted its holdings in MGP Ingredients by 333.3% during the first quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock worth $26,000 after buying an additional 690 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of MGP Ingredients in the first quarter valued at about $779,000. Rhumbline Advisers lifted its holdings in shares of MGP Ingredients by 24.9% in the first quarter. Rhumbline Advisers now owns 51,780 shares of the company’s stock valued at $1,521,000 after purchasing an additional 10,316 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of MGP Ingredients in the fourth quarter valued at about $832,000. Finally, Northern Trust Corp lifted its holdings in shares of MGP Ingredients by 12.9% in the fourth quarter. Northern Trust Corp now owns 159,121 shares of the company’s stock valued at $6,265,000 after purchasing an additional 18,139 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

Shares of MGPI opened at $29.90 on Monday. MGP Ingredients has a twelve month low of $25.12 and a twelve month high of $92.52. The firm’s fifty day simple moving average is $30.74 and its 200-day simple moving average is $31.72. The firm has a market capitalization of $635.97 million, a price-to-earnings ratio of 66.44 and a beta of 0.32. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. MGP Ingredients had a net margin of 1.66% and a return on equity of 12.48%. The firm had revenue of $121.65 million for the quarter, compared to analyst estimates of $119.14 million. During the same period last year, the business earned $1.07 EPS. MGP Ingredients’s revenue for the quarter was down 28.7% compared to the same quarter last year. Equities analysts forecast that MGP Ingredients will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients’s payout ratio is 106.67%.

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.