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

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has been given a consensus rating of "Moderate Buy" by the five brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $50.33.

Several equities analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Truist Financial lowered their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th.

Insider Activity

In other MGP Ingredients news, Director Martin Roper acquired 15,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the acquisition, the director now owns 18,180 shares of the company's stock, 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 can be accessed through the SEC website. 34.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of large investors have recently bought and sold shares of MGPI. Wasatch Advisors LP bought a new stake in MGP Ingredients in the fourth quarter worth $28,388,000. Raymond James Financial Inc. bought a new stake in MGP Ingredients during the fourth quarter valued at about $13,125,000. Voloridge Investment Management LLC acquired a new stake in shares of MGP Ingredients in the fourth quarter valued at about $12,932,000. Federated Hermes Inc. grew its position in shares of MGP Ingredients by 576.4% in the first quarter. Federated Hermes Inc. now owns 262,329 shares of the company's stock valued at $7,707,000 after purchasing an additional 223,548 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in shares of MGP Ingredients by 1,564.2% in the first quarter. Deutsche Bank AG now owns 214,060 shares of the company's stock worth $6,289,000 after purchasing an additional 201,197 shares during the period. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Price Performance

NASDAQ:MGPI traded down $0.96 during midday trading on Thursday, hitting $29.52. 350,936 shares of the stock were exchanged, compared to its average volume of 350,428. MGP Ingredients has a one year low of $25.12 and a one year high of $92.52. The company has a market capitalization of $627.95 million, a price-to-earnings ratio of 65.60 and a beta of 0.32. The business has a 50-day moving average price of $30.09 and a two-hundred day moving average price of $33.14. 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 (NASDAQ:MGPI - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. The firm had revenue of $121.65 million for the quarter, compared to analysts' expectations of $119.14 million. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The firm's quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.07 earnings per share. Sell-side analysts predict that MGP Ingredients will post 5.56 EPS for the current year.

MGP Ingredients Announces Dividend

The business also recently declared 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. This represents a $0.48 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients's dividend payout ratio is currently 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.