MGP Ingredients (NASDAQ:MGPI) Shares Down 3.3% – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price was down 3.3% during mid-day trading on Friday . The stock traded as low as $38.84 and last traded at $40.42. Approximately 60,677 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 258,618 shares. The stock had previously closed at $41.80.

Analyst Upgrades and Downgrades

Several research analysts have commented on MGPI shares. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. TD Cowen downgraded shares of 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 note on Wednesday, November 6th. Truist Financial dropped their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients presently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Trading Down 5.9 %

The company has a 50 day simple moving average of $52.86 and a two-hundred day simple moving average of $70.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market cap of $863.07 million, a PE ratio of 8.17, a P/E/G ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping 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 company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the company earned $1.34 EPS. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. Analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s payout ratio is presently 9.98%.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction 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 $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Large investors have recently added to or reduced their stakes in the stock. CWM LLC lifted its stake in 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 buying an additional 325 shares in the last quarter. Isthmus Partners LLC lifted its position in shares of MGP Ingredients by 2.1% in 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 in the last quarter. Innealta Capital LLC acquired a new stake in shares of MGP Ingredients in the second quarter worth approximately $42,000. Farther Finance Advisors LLC increased its position 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 worth $50,000 after purchasing an additional 186 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.