MGP Ingredients (NASDAQ:MGPI) Sets New 1-Year Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $31.76 and last traded at $33.04, with a volume of 85971 shares traded. The stock had previously closed at $32.19.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MGPI shares. Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Wells Fargo & Company dropped their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and an average price target of $71.29.

MGP Ingredients Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company has a market cap of $715.45 million, a PE ratio of 6.78 and a beta of 0.62. The business has a 50 day moving average of $36.05 and a 200 day moving average of $56.81.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.49 by $0.08. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. As a group, research analysts predict that MGP Ingredients, Inc. will post 5.56 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.47%. MGP Ingredients’s payout ratio is 9.98%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. Creative Planning grew its stake in shares of MGP Ingredients by 66.3% in the third quarter. Creative Planning now owns 13,145 shares of the company’s stock worth $1,094,000 after acquiring an additional 5,241 shares during the last quarter. Congress Asset Management Co. raised its position in MGP Ingredients by 18.6% in the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after buying an additional 76,835 shares during the last quarter. Rice Hall James & Associates LLC purchased a new position in shares of MGP Ingredients during the third quarter valued at approximately $6,545,000. Farther Finance Advisors LLC grew its position in MGP Ingredients by 45.3% in 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. Finally, Assetmark Inc. grew its holdings in shares of MGP Ingredients by 6.5% in the third quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock worth $948,000 after acquiring an additional 699 shares during the period. 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.