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

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has received an average recommendation of "Moderate Buy" from the five analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $50.33.

MGPI has been the topic of several research reports. Wall Street Zen cut MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Wells Fargo & Company lowered their target price on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. Finally, 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 report on Thursday, April 24th.

MGP Ingredients Price Performance

MGPI stock traded up $0.04 during midday trading on Friday, hitting $30.56. The company's stock had a trading volume of 274,792 shares, compared to its average volume of 345,916. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 12 month low of $25.12 and a 12 month high of $92.52. The company has a 50 day moving average of $29.69 and a two-hundred day moving average of $35.42. The firm has a market capitalization of $650.07 million, a price-to-earnings ratio of 6.35 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The firm had revenue of $121.65 million during the quarter, compared to analyst estimates of $119.14 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. MGP Ingredients's revenue for the quarter was down 28.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share. On average, analysts expect 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 will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a $0.12 dividend. The ex-dividend date is Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 1.57%. MGP Ingredients's dividend payout ratio is presently 106.67%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the transaction, the director now directly owns 283,569 shares of the company's stock, valued at approximately $8,739,596.58. The trade was a 9.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Martin Roper acquired 15,000 shares of MGP Ingredients 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 transaction, the director now directly owns 18,180 shares in the company, valued at $601,758. This trade represents a 471.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 29,417 shares of company stock worth $905,556 over the last quarter. Insiders own 36.20% of the company's stock.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently modified their holdings of the business. Caxton Associates LLP bought a new position in MGP Ingredients in the 1st quarter valued at $1,449,000. Goldman Sachs Group Inc. grew its holdings in shares of MGP Ingredients by 10.0% in the first quarter. Goldman Sachs Group Inc. now owns 158,879 shares of the company's stock worth $4,668,000 after purchasing an additional 14,501 shares during the last quarter. Millennium Management LLC increased its stake in 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 buying an additional 193,660 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in MGP Ingredients by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company's stock valued at $248,000 after buying an additional 390 shares in the last quarter. Finally, AQR Capital Management LLC bought a new stake in MGP Ingredients during the 1st quarter valued at about $735,000. 77.11% of the stock is owned by institutional investors.

About MGP Ingredients

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.