MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus Sells 7,050 Shares

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

MGP Ingredients Trading Up 0.8 %

NASDAQ MGPI traded up $0.39 on Thursday, hitting $47.01. The company’s stock had a trading volume of 135,755 shares, compared to its average volume of 247,955. The firm has a market cap of $1.03 billion, a P/E ratio of 9.69, a PEG ratio of 0.76 and a beta of 0.66. MGP Ingredients, Inc. has a 52-week low of $45.44 and a 52-week high of $102.42. The company’s 50-day simple moving average is $67.70 and its 200 day simple moving average is $75.62. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

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 net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the previous year, the business posted $1.34 earnings per share. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. Research analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.02%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares in the last quarter. Isthmus Partners LLC raised its position in MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares during the period. Innealta Capital LLC purchased a new position in MGP Ingredients during the 2nd quarter valued at $42,000. LRI Investments LLC bought a new position in shares of MGP Ingredients in the first quarter worth about $43,000. Finally, Farther Finance Advisors LLC raised its stake in shares of 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 acquiring an additional 186 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

Wall Street Analyst Weigh In

MGPI has been the subject of several recent research reports. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. Roth Mkm decreased their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Truist Financial lowered their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

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.