MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $50.33 Average Price Target from Brokerages

Key Points

• MGP Ingredients, Inc. has received an average rating of "Moderate Buy" from five brokerages, with one hold and four buy recommendations. The average target price among analysts is $50.33.
• The company's shares decreased by 2.0% to $27.40, with a market capitalization of approximately $583.35 million and a debt-to-equity ratio of 0.35.
• MGP Ingredients announced a quarterly dividend of $0.12 per share, which translates to an annual yield of 1.8%, with a dividend payout ratio currently at -154.84%.

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has been given a consensus rating of "Moderate Buy" by the five research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $50.3333.

Several analysts have recently weighed in on MGPI shares. Truist Financial lowered their target price 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. Wall Street Zen downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th.

MGP Ingredients Stock Down 0.3%

NASDAQ MGPI traded down $0.10 during trading hours on Friday, hitting $27.31. The company had a trading volume of 28,261 shares, compared to its average volume of 349,990. MGP Ingredients has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The company has a market capitalization of $581.32 million, a price-to-earnings ratio of -88.15 and a beta of 0.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.91 and a quick ratio of 0.79. The firm's 50 day moving average is $30.11 and its 200 day moving average is $30.80.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.33. MGP Ingredients had a positive return on equity of 10.66% and a negative net margin of 1.08%. The firm had revenue of $145.49 million during the quarter, compared to the consensus estimate of $138.70 million. During the same period in the prior year, the firm earned $1.71 EPS. The firm's quarterly revenue was down 23.7% compared to the same quarter last year. Sell-side analysts anticipate that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.8%. MGP Ingredients's dividend payout ratio (DPR) is presently -154.84%.

Hedge Funds Weigh In On MGP Ingredients

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of MGP Ingredients by 1.7% during the first quarter. Vanguard Group Inc. now owns 1,145,485 shares of the company's stock worth $33,654,000 after purchasing an additional 19,316 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in MGP Ingredients by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company's stock valued at $36,017,000 after acquiring an additional 57,714 shares during the period. Wasatch Advisors LP bought a new position in shares of MGP Ingredients during the fourth quarter valued at approximately $28,388,000. Ariel Investments LLC lifted its holdings in shares of MGP Ingredients by 4.5% in the 1st quarter. Ariel Investments LLC now owns 626,058 shares of the company's stock worth $18,394,000 after purchasing an additional 27,155 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of MGP Ingredients by 116.6% in the 1st quarter. Millennium Management LLC now owns 359,813 shares of the company's stock worth $10,571,000 after purchasing an additional 193,660 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.