MGP Ingredients (NASDAQ:MGPI) Stock Price Down 4.8% – Here’s Why

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) traded down 4.8% on Tuesday . The company traded as low as $46.30 and last traded at $46.47. 150,684 shares were traded during trading, a decline of 39% from the average session volume of 246,820 shares. The stock had previously closed at $48.80.

Analysts Set New Price Targets

MGPI has been the subject of a number of research reports. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial lowered their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Roth Mkm reduced their price objective on shares of 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 upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Stock Performance

The firm has a fifty day moving average of $69.07 and a 200-day moving average of $76.06. 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 market cap of $1.01 billion, a P/E ratio of 10.15, a PEG ratio of 0.81 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 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 for the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the firm posted $1.34 earnings per share. MGP Ingredients’s revenue was down 23.7% compared to the same quarter last year. Research analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

A number of large investors have recently added to or reduced their stakes in MGPI. CWM LLC increased 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 during the last quarter. Isthmus Partners LLC raised its stake 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 in the last quarter. Innealta Capital LLC bought a new position in shares of MGP Ingredients during the second quarter worth approximately $42,000. LRI Investments LLC bought a new position in shares of MGP Ingredients during the first quarter worth approximately $43,000. Finally, Farther Finance Advisors LLC raised its position in shares of MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds 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.