MGP Ingredients, Inc. (NASDAQ:MGPI) Short Interest Update

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) was the target of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 1,560,000 shares, a decline of 39.5% from the April 30th total of 2,580,000 shares. Approximately 11.2% of the company's stock are sold short. Based on an average daily trading volume, of 422,800 shares, the days-to-cover ratio is presently 3.7 days.

MGP Ingredients Price Performance

Shares of MGP Ingredients stock traded down $0.45 on Monday, hitting $28.98. The company's stock had a trading volume of 144,900 shares, compared to its average volume of 347,199. The company has a market capitalization of $616.36 million, a P/E ratio of 6.02 and a beta of 0.32. MGP Ingredients has a 52-week low of $25.12 and a 52-week high of $92.52. The firm has a fifty day moving average price of $29.73 and a 200-day moving average price of $34.84. 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 (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $119.14 million. During the same period in the prior year, the business earned $1.07 earnings per share. The company's quarterly revenue was down 28.7% on a year-over-year basis. On average, equities research analysts expect that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Friday, May 16th. MGP Ingredients's payout ratio is currently 106.67%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MGPI. Wall Street Zen downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th. Wells Fargo & Company dropped their price objective on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. Truist Financial reduced their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $50.33.

Insider Transactions at MGP Ingredients

In related news, Director Karen Seaberg purchased 5,348 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $32.59 per share, with a total value of $174,291.32. Following the completion of the transaction, the director now directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. The trade was a 1.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martin Roper bought 15,000 shares of MGP Ingredients stock in a transaction dated Thursday, May 8th. The stock was purchased at an average cost of $33.10 per share, with a total value of $496,500.00. Following the completion of the acquisition, the director now directly owns 18,180 shares in the company, valued at approximately $601,758. The trade was a 471.70% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 29,417 shares of company stock worth $905,556. 36.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of institutional investors have recently modified their holdings of MGPI. Vanguard Group Inc. grew its stake in MGP Ingredients by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 1,145,485 shares of the company's stock worth $33,654,000 after acquiring an additional 19,316 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of MGP Ingredients by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company's stock worth $36,017,000 after purchasing an additional 57,714 shares during the last quarter. Wasatch Advisors LP purchased a new stake in shares of MGP Ingredients in the fourth quarter valued at $28,388,000. Ariel Investments LLC increased its stake in MGP Ingredients by 4.5% in the first quarter. Ariel Investments LLC now owns 626,058 shares of the company's stock valued at $18,394,000 after purchasing an additional 27,155 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in MGP Ingredients by 16.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 579,067 shares of the company's stock worth $22,798,000 after buying an additional 83,445 shares during the period. 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.