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

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the five brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $50.33.

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

MGP Ingredients Price Performance

MGPI stock traded down $0.65 on Monday, reaching $29.26. 243,844 shares of the company's stock were exchanged, compared to its average volume of 356,306. The stock has a fifty day moving average of $30.78 and a 200-day moving average of $31.73. MGP Ingredients has a twelve month low of $25.12 and a twelve month high of $92.52. The firm has a market cap of $622.36 million, a PE ratio of 65.02 and a beta of 0.32. The company has a quick ratio of 0.76, a current ratio of 2.83 and a debt-to-equity ratio of 0.35.

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

MGP Ingredients Dividend Announcement

The firm 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. The ex-dividend date was Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 1.64%. MGP Ingredients's dividend payout ratio (DPR) is presently 106.67%.

Insider Buying and Selling

In related news, Director Martin Roper purchased 15,000 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were acquired at an average price of $33.10 per share, with a total value of $496,500.00. Following the acquisition, the director owned 18,180 shares in the company, valued at approximately $601,758. This trade represents a 471.70% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 34.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MGPI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in MGP Ingredients by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company's stock worth $248,000 after purchasing an additional 390 shares in the last quarter. Aigen Investment Management LP grew its position in shares of MGP Ingredients by 6.8% in the first quarter. Aigen Investment Management LP now owns 6,900 shares of the company's stock valued at $203,000 after purchasing an additional 440 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after purchasing an additional 687 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of MGP Ingredients by 333.3% in the first quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock valued at $26,000 after purchasing an additional 690 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in shares of MGP Ingredients by 58.3% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock valued at $79,000 after purchasing an additional 735 shares during the last quarter. Institutional investors 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.