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

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

MGPI has been the subject of a number of recent analyst reports. Wall Street Zen downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Truist Financial dropped their price target 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.

MGP Ingredients Trading Up 1.0%

Shares of MGP Ingredients stock opened at $27.96 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.79 and a current ratio of 2.91. The firm has a 50-day moving average of $30.15 and a 200-day moving average of $30.92. MGP Ingredients has a 52-week low of $25.12 and a 52-week high of $92.52. The stock has a market cap of $595.27 million, a PE ratio of -90.19 and a beta of 0.33.

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

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.12 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.7%. MGP Ingredients's dividend payout ratio (DPR) is presently -154.84%.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently modified their holdings of the business. Wasatch Advisors LP bought a new stake in shares of MGP Ingredients during the fourth quarter worth $28,388,000. Voloridge Investment Management LLC acquired a new stake in shares of MGP Ingredients during the 4th quarter valued at $12,932,000. Federated Hermes Inc. boosted its holdings in shares of MGP Ingredients by 576.4% during the 1st quarter. Federated Hermes Inc. now owns 262,329 shares of the company's stock valued at $7,707,000 after acquiring an additional 223,548 shares in the last quarter. Deutsche Bank AG increased its holdings in MGP Ingredients by 1,564.2% in the 1st 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 in the last quarter. Finally, Millennium Management LLC raised its position in MGP Ingredients by 116.6% in the first quarter. Millennium Management LLC now owns 359,813 shares of the company's stock valued at $10,571,000 after purchasing an additional 193,660 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.