MGP Ingredients (NASDAQ:MGPI) Hits New 12-Month Low Following Analyst Downgrade

Key Points

• MGP Ingredients' share price fell to a new 52-week low of $25.10 after Wells Fargo downgraded the stock's price target from $38.00 to $33.00, while maintaining an overweight rating.
• The company reported earnings of $0.97 per share for the last quarter, exceeding the consensus estimate of $0.64, despite a 23.7% decline in year-over-year revenue.
• MGP Ingredients announced a quarterly dividend of $0.12, representing an annualized yield of 1.9%, even though its dividend payout ratio stands at -154.84%.

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report)'s share price hit a new 52-week low during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $38.00 to $33.00. Wells Fargo & Company currently has an overweight rating on the stock. MGP Ingredients traded as low as $25.12 and last traded at $25.10, with a volume of 46373 shares trading hands. The stock had previously closed at $25.77.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Osaic Holdings Inc. raised its position in MGP Ingredients by 130.3% in the second quarter. Osaic Holdings Inc. now owns 935 shares of the company's stock worth $28,000 after acquiring an additional 529 shares during the period. State of Wyoming bought a new stake in MGP Ingredients in the second quarter worth about $117,000. Public Sector Pension Investment Board raised its position in MGP Ingredients by 4.0% in the second quarter. Public Sector Pension Investment Board now owns 46,383 shares of the company's stock worth $1,390,000 after acquiring an additional 1,789 shares during the period. CANADA LIFE ASSURANCE Co raised its position in MGP Ingredients by 18.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,328 shares of the company's stock worth $369,000 after acquiring an additional 1,886 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in MGP Ingredients by 278.9% in the second quarter. Tower Research Capital LLC TRC now owns 1,883 shares of the company's stock worth $56,000 after acquiring an additional 1,386 shares during the period. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Trading Down 1.9%

The firm has a market cap of $538.18 million, a P/E ratio of -80.87 and a beta of 0.35. The company has a quick ratio of 0.79, a current ratio of 2.91 and a debt-to-equity ratio of 0.35. The firm's 50-day simple moving average is $28.86 and its 200 day simple moving average is $29.65.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.33. The firm had revenue of $145.49 million during the quarter, compared to the consensus estimate of $138.70 million. MGP Ingredients had a negative net margin of 1.08% and a positive return on equity of 10.66%. The company's revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the company earned $1.71 earnings per share. MGP Ingredients has set its FY 2025 guidance at 2.450-2.750 EPS. As a group, analysts expect that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. MGP Ingredients's dividend payout ratio is -154.84%.

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.

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