MGP Ingredients (NASDAQ:MGPI) Stock Price Down 5.2% - Here's What Happened

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) fell 5.2% on Thursday . The company traded as low as $28.24 and last traded at $28.31. 44,826 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 346,629 shares. The stock had previously closed at $29.85.

Analysts Set New Price Targets

Several brokerages recently issued reports on MGPI. Wells Fargo & Company decreased their price objective 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. Wall Street Zen lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. Truist Financial decreased their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock 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 company from $55.00 to $45.00 in a report on Thursday, February 27th. One 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. According to MarketBeat, MGP Ingredients currently has an average rating of "Moderate Buy" and a consensus target price of $50.33.

MGP Ingredients Trading Up 3.2%

The company has a market capitalization of $602.42 million, a P/E ratio of 5.89 and a beta of 0.32. 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 firm has a fifty day moving average price of $29.70 and a 200-day moving average price of $34.27.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The company had revenue of $121.65 million for 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%. The company's quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 earnings per share. On average, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients's dividend payout ratio (DPR) is presently 106.67%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg acquired 5,348 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were acquired at an average cost of $32.59 per share, for a total transaction 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. This trade represents a 1.51% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, for a total transaction of $496,500.00. Following the purchase, the director now owns 18,180 shares of the company's stock, valued at approximately $601,758. This trade represents a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders sold 29,417 shares of company stock valued at $905,556 in the last 90 days. Insiders own 36.20% of the company's stock.

Hedge Funds Weigh In On MGP Ingredients

A number of large investors have recently bought and sold shares of MGPI. Rhumbline Advisers grew its holdings in MGP Ingredients by 24.9% in the first quarter. Rhumbline Advisers now owns 51,780 shares of the company's stock worth $1,521,000 after purchasing an additional 10,316 shares during the last quarter. Caxton Associates LLP purchased a new position in MGP Ingredients during the 1st quarter worth $1,449,000. Goldman Sachs Group Inc. increased its position in MGP Ingredients by 10.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 158,879 shares of the company's stock valued at $4,668,000 after buying an additional 14,501 shares in the last quarter. Millennium Management LLC raised its stake 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 buying an additional 193,660 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in MGP Ingredients by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company's stock worth $248,000 after acquiring an additional 390 shares in the last quarter. Institutional investors own 77.11% of the company's stock.

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.