MGP Ingredients, Inc. (NASDAQ:MGPI) Receives Average Rating of "Moderate Buy" from Analysts

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $50.33.

A number of research firms have recently issued reports on MGPI. Truist Financial cut their target price on shares of 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 price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. Wall Street Zen downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Finally, Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and dropped their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th.

MGP Ingredients Stock Performance

Shares of MGPI traded up $0.69 during mid-day trading on Thursday, reaching $30.48. The company's stock had a trading volume of 275,457 shares, compared to its average volume of 350,092. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. MGP Ingredients has a 1-year low of $25.12 and a 1-year high of $92.52. The business has a 50-day simple moving average of $30.01 and a two-hundred day simple moving average of $33.44. The stock has a market cap of $648.31 million, a P/E ratio of 67.73 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, beating 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 business had revenue of $121.65 million for the quarter, compared to analysts' expectations of $119.14 million. During the same quarter in the prior year, the business earned $1.07 EPS. The firm's revenue for the quarter was down 28.7% on a year-over-year basis. As a group, equities research analysts anticipate that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, May 16th. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. MGP Ingredients's dividend payout ratio is presently 106.67%.

Insider Activity

In related news, Director Martin Roper purchased 15,000 shares of MGP Ingredients 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 completion of the transaction, the director now directly owns 18,180 shares of the company's stock, valued at $601,758. This represents a 471.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 34.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Brooklyn Investment Group grew its stake in MGP Ingredients by 2,365.7% during the first quarter. Brooklyn Investment Group now owns 863 shares of the company's stock worth $25,000 after buying an additional 828 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of MGP Ingredients by 333.3% in the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock valued at $26,000 after buying an additional 690 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock worth $44,000 after acquiring an additional 800 shares during the period. CWM LLC boosted its position in shares of MGP Ingredients by 127.4% during the 1st quarter. CWM LLC now owns 2,051 shares of the company's stock worth $60,000 after acquiring an additional 1,149 shares in the last quarter. Finally, Signaturefd LLC increased its stake in MGP Ingredients by 1,055.2% in the first quarter. Signaturefd LLC now owns 2,218 shares of the company's stock valued at $65,000 after acquiring an additional 2,026 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.