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

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

Several research firms recently issued reports on MGPI. Wells Fargo & Company cut their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and cut their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Truist Financial cut their price target 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. 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 news, Director Karen Seaberg bought 5,348 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the transaction, the director now owns 358,899 shares in the company, valued at $11,696,518.41. The trade was a 1.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Martin Roper bought 15,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were purchased at an average price of $33.10 per share, for a total transaction of $496,500.00. Following the transaction, the director now owns 18,180 shares of the company's stock, valued at $601,758. The trade was a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 29,417 shares of company stock worth $905,556 over the last ninety days. 36.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of MGP Ingredients by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company's stock valued at $248,000 after purchasing an additional 390 shares during the last quarter. Aigen Investment Management LP raised its stake in shares of MGP Ingredients by 6.8% in the 1st quarter. Aigen Investment Management LP now owns 6,900 shares of the company's stock valued at $203,000 after acquiring an additional 440 shares during the period. Isthmus Partners LLC raised its stake in shares of MGP Ingredients by 1.8% in the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company's stock valued at $1,511,000 after acquiring an additional 684 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after acquiring an additional 687 shares during the period. Finally, Penserra Capital Management LLC raised its stake 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 acquiring an additional 690 shares during the period. Institutional investors and hedge funds own 77.11% of the company's stock.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI traded up $0.18 on Friday, reaching $30.13. The company's stock had a trading volume of 318,385 shares, compared to its average volume of 346,884. The stock's 50-day moving average is $29.72 and its two-hundred day moving average is $35.20. MGP Ingredients has a 52-week low of $25.12 and a 52-week high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock has a market capitalization of $640.93 million, a P/E ratio of 6.26 and a beta of 0.32.

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, beating analysts' consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $121.65 million during the quarter, compared to analysts' expectations of $119.14 million. During the same period in the prior year, the company earned $1.07 earnings per share. The business's revenue was down 28.7% compared to the same quarter last year. As a group, sell-side analysts forecast that MGP Ingredients will post 5.56 EPS for the current year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. MGP Ingredients's dividend payout ratio (DPR) is presently 106.67%.

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.