Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $50.33

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has been assigned an average rating of "Moderate Buy" from the five brokerages that are covering the firm, Marketbeat 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 price target among brokers that have issued ratings on the stock in the last year is $50.33.

A number of brokerages recently issued reports on MGPI. Truist Financial cut their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Wall Street Zen cut MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. Finally, Wells Fargo & Company dropped their price objective on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd.

MGP Ingredients Stock Up 3.5%

Shares of MGPI traded up $1.04 during trading hours on Monday, reaching $30.94. The stock had a trading volume of 224,593 shares, compared to its average volume of 356,133. MGP Ingredients has a 12 month low of $25.12 and a 12 month high of $92.52. The firm has a 50-day simple moving average of $30.70 and a 200 day simple moving average of $31.66. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $658.09 million, a price-to-earnings ratio of 68.76 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The company had revenue of $121.65 million for the quarter, compared to analysts' expectations of $119.14 million. During the same period last year, the business earned $1.07 EPS. MGP Ingredients's quarterly revenue was down 28.7% compared to the same quarter last year. Equities research analysts predict that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, May 16th. MGP Ingredients's dividend payout ratio (DPR) is presently 106.67%.

Insiders Place Their Bets

In related news, Director Martin Roper acquired 15,000 shares of the company's stock in a transaction on Thursday, May 8th. The shares were acquired at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the purchase, the director owned 18,180 shares in the company, valued at approximately $601,758. The trade was a 471.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 34.40% of the company's stock.

Institutional Investors Weigh In On MGP Ingredients

A number of hedge funds have recently made changes to their positions in MGPI. Bank of New York Mellon Corp raised its stake in shares of MGP Ingredients by 22.4% during the 4th quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company's stock worth $6,980,000 after purchasing an additional 32,488 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of MGP Ingredients during the 4th quarter worth $832,000. Raymond James Financial Inc. bought a new stake in shares of MGP Ingredients during the 4th quarter worth $13,125,000. PNC Financial Services Group Inc. raised its stake in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after purchasing an additional 687 shares during the period. Finally, Amundi raised its stake in shares of MGP Ingredients by 200.8% during the 4th quarter. Amundi now owns 7,222 shares of the company's stock worth $264,000 after purchasing an additional 4,821 shares during the period. 77.11% of the stock is currently owned by institutional investors.

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.