MGP Ingredients, Inc. (NASDAQ:MGPI) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have received an average rating of “Moderate Buy” from the five ratings firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $50.33.

MGPI has been the subject of a number of recent analyst reports. Wall Street Zen lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Saturday, May 10th. Truist Financial lowered their price target on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price target for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Finally, Wells Fargo & Company lowered their price target on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd.

MGP Ingredients Trading Up 2.3%

NASDAQ MGPI opened at $30.48 on Thursday. MGP Ingredients has a 1-year low of $25.12 and a 1-year high of $92.52. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $30.01 and a 200-day moving average of $33.44. The firm has a market cap of $648.31 million, a PE ratio of 67.73 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The company had revenue of $121.65 million during the quarter, compared to analyst estimates of $119.14 million. During the same quarter in the previous year, the company posted $1.07 EPS. MGP Ingredients’s revenue for the quarter was down 28.7% on a year-over-year basis. As a group, sell-side analysts forecast that MGP Ingredients will post 5.56 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients’s dividend payout ratio is currently 106.67%.

Insider Transactions at MGP Ingredients

In other news, Director Martin Roper bought 15,000 shares of the firm’s stock in a transaction dated Thursday, May 8th. The stock was purchased at an average price of $33.10 per share, with a total value of $496,500.00. Following the transaction, the director now owns 18,180 shares of the company’s stock, valued at approximately $601,758. The trade was a 471.70% increase 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. Corporate insiders own 34.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers raised its position in shares of MGP Ingredients by 24.9% in the 1st quarter. Rhumbline Advisers now owns 51,780 shares of the company’s stock worth $1,521,000 after acquiring an additional 10,316 shares in the last quarter. Caxton Associates LLP purchased a new stake in shares of MGP Ingredients in the 1st quarter worth approximately $1,449,000. Goldman Sachs Group Inc. grew its stake in shares of MGP Ingredients by 10.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 158,879 shares of the company’s stock worth $4,668,000 after buying an additional 14,501 shares during the last quarter. Millennium Management LLC grew its stake in shares of MGP Ingredients by 116.6% in the 1st quarter. Millennium Management LLC now owns 359,813 shares of the company’s stock worth $10,571,000 after buying an additional 193,660 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of MGP Ingredients by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company’s stock worth $248,000 after buying an additional 390 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

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.