Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $71.29

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have received an average recommendation of “Moderate Buy” from the six research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $71.29.

A number of brokerages have issued reports on MGPI. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial lowered their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th.

MGP Ingredients Trading Up 0.6 %

NASDAQ MGPI opened at $36.19 on Monday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a twelve month low of $34.02 and a twelve month high of $92.90. The firm has a market capitalization of $794.37 million, a PE ratio of 7.52 and a beta of 0.65. The stock’s 50 day moving average is $41.40 and its 200 day moving average is $64.12.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results 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. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same period in the previous year, the company posted $1.34 earnings per share. The firm’s revenue was down 23.7% on a year-over-year basis. Research analysts forecast that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared 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 1.33%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was 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 in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its holdings in MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after acquiring an additional 175,142 shares during the period. GAMMA Investing LLC lifted its holdings in MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares during the period. Versant Capital Management Inc increased its position in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares in the last quarter. JPMorgan Chase & Co. increased its position in MGP Ingredients by 201.2% in the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock worth $5,388,000 after buying an additional 43,233 shares in the last quarter. Finally, World Investment Advisors LLC purchased a new stake in MGP Ingredients in the third quarter worth about $6,100,000. Institutional investors 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.