MGP Ingredients (NASDAQ:MGPI) Sets New 1-Year Low Following Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price reached a new 52-week low during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $58.00 to $44.00. Wells Fargo & Company currently has an overweight rating on the stock. MGP Ingredients traded as low as $37.61 and last traded at $37.64, with a volume of 76325 shares. The stock had previously closed at $38.53.

A number of other equities research analysts also recently weighed in on the stock. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Truist Financial reduced their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Roth Mkm cut their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.29.

Insider Buying and Selling

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients 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 owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 36.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

Large investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC raised its holdings in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the period. GAMMA Investing LLC raised its position in shares of MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after buying an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its stake in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after purchasing an additional 460 shares during the last quarter. First Horizon Advisors Inc. raised its stake in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. Finally, Point72 DIFC Ltd boosted its position in MGP Ingredients by 2,375.6% in the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after buying an additional 974 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

The business has a 50-day moving average of $45.34 and a two-hundred day moving average of $67.74. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The firm has a market cap of $821.48 million, a P/E ratio of 7.78, a price-to-earnings-growth ratio of 0.74 and a beta of 0.65.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $161.55 million. During the same period last year, the company earned $1.34 earnings per share. The firm’s revenue was down 23.7% compared to the same quarter last year. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.28%. MGP Ingredients’s dividend payout ratio is presently 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.