MGP Ingredients, Inc. (NASDAQ:MGPI) Given Consensus Rating of "Moderate Buy" by Brokerages

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the five research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $50.33.

Several equities research analysts recently issued reports on MGPI shares. Truist Financial cut their price target on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company cut their target price on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. StockNews.com raised MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the sale, the director now directly owns 283,569 shares of the company's stock, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 29,417 shares of company stock valued at $905,556. 36.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently added to or reduced their stakes in MGPI. Penserra Capital Management LLC boosted its holdings in shares of MGP Ingredients by 333.3% during the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock valued at $26,000 after acquiring an additional 690 shares in the last quarter. GAMMA Investing LLC boosted its stake in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc increased its position in MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after buying an additional 460 shares in the last quarter. CWM LLC raised its position in shares of MGP Ingredients by 127.4% during the first quarter. CWM LLC now owns 2,051 shares of the company's stock worth $60,000 after purchasing an additional 1,149 shares during the period. Finally, Signaturefd LLC increased its stake in MGP Ingredients by 1,055.2% during the 1st quarter. Signaturefd LLC now owns 2,218 shares of the company's stock valued at $65,000 after purchasing an additional 2,026 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

MGP Ingredients Stock Performance

MGPI stock traded up $1.02 during trading hours on Wednesday, hitting $31.89. 381,226 shares of the stock were exchanged, compared to its average volume of 329,984. MGP Ingredients has a 12 month low of $25.12 and a 12 month high of $92.52. 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 capitalization of $678.30 million, a P/E ratio of 6.63 and a beta of 0.32. The company has a 50-day simple moving average of $29.75 and a two-hundred day simple moving average of $38.42.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. The business had revenue of $121.65 million for the quarter, compared to the consensus estimate of $119.14 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. MGP Ingredients's revenue was down 28.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 earnings per share. On average, analysts forecast that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.51%. The ex-dividend date is Friday, May 16th. MGP Ingredients's dividend payout ratio (DPR) is presently 106.67%.

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.