MGP Ingredients (NASDAQ:MGPI) Lowered to Hold Rating by TD Cowen

TD Cowen lowered shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a report issued on Wednesday, Marketbeat.com reports. They currently have $50.00 price target on the stock, down from their prior price target of $66.00.

A number of other brokerages have also issued reports on MGPI. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Roth Mkm decreased their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. 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. Finally, StockNews.com upgraded 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 three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI traded up $1.20 during midday trading on Wednesday, reaching $49.49. 78,414 shares of the stock were exchanged, compared to its average volume of 237,365. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm has a 50-day simple moving average of $75.14 and a two-hundred day simple moving average of $77.74. MGP Ingredients has a twelve month low of $45.44 and a twelve month high of $102.42. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the previous year, the company earned $1.34 earnings per share. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, analysts anticipate that MGP Ingredients will post 5.58 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGPI. CWM LLC lifted its stake in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. Isthmus Partners LLC increased its position in shares of MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after acquiring an additional 860 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients in the 2nd quarter worth approximately $42,000. LRI Investments LLC acquired a new position in MGP Ingredients during the first quarter worth $43,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of 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 buying an additional 186 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.