MGP Ingredients (NASDAQ:MGPI) Sets New 52-Week Low After Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price hit a new 52-week low during mid-day trading on Tuesday after Roth Mkm lowered their price target on the stock from $65.00 to $60.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $38.65 and last traded at $39.85, with a volume of 630081 shares changing hands. The stock had previously closed at $40.00.

Other equities research analysts also recently issued research reports about the stock. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Truist Financial cut their price target 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. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $75.83.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. World Investment Advisors LLC purchased a new stake in MGP Ingredients during the third quarter worth $6,100,000. Virtu Financial LLC purchased a new position in MGP Ingredients during the third quarter worth $373,000. MML Investors Services LLC raised its stake in MGP Ingredients by 28.2% in the 3rd quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock valued at $410,000 after purchasing an additional 1,083 shares during the last quarter. Villanova Investment Management Co LLC lifted its stake in shares of MGP Ingredients by 6.2% during the third quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock valued at $1,892,000 after buying an additional 1,333 shares during the period. Finally, Weiss Asset Management LP purchased a new stake in shares of MGP Ingredients in the third quarter valued at $986,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Stock Performance

The stock’s 50 day moving average price is $48.90 and its 200 day moving average price is $69.72. The company has a market cap of $874.83 million, a price-to-earnings ratio of 8.28, a P/E/G ratio of 0.74 and a beta of 0.63. 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 announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.34 EPS. On average, analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.20%. MGP Ingredients’s payout ratio is 9.98%.

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.