MGP Ingredients (NASDAQ:MGPI) Share Price Passes Below 200 Day Moving Average - What's Next?

Key Points

• MGP Ingredients' stock price has fallen below its 200-day moving average, trading as low as $27.08 from an average of $31.13.
• The company reported earnings of $0.97 per share for the last quarter, surpassing analyst expectations, but experienced a 23.7% decline in revenue year-over-year.
• MGP Ingredients has announced a quarterly dividend of $0.12 per share, representing a dividend yield of 1.7% despite a payout ratio of 106.67%.

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report)'s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.13 and traded as low as $27.08. MGP Ingredients shares last traded at $27.93, with a volume of 299,363 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wall Street Zen cut MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th. Truist Financial lowered their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $50.33.

MGP Ingredients Trading Down 2.5%

The firm has a fifty day moving average of $30.24 and a two-hundred day moving average of $31.00. The company has a market cap of $589.92 million, a PE ratio of -89.38 and a beta of 0.33. The company has a current ratio of 2.91, a quick ratio of 0.79 and a debt-to-equity ratio of 0.35.

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

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $0.12 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.7%. MGP Ingredients's payout ratio is presently -154.84%.

Insiders Place Their Bets

In other news, Director Martin Roper bought 15,000 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was bought at an average price of $33.10 per share, for a total transaction of $496,500.00. Following the transaction, the director directly owned 18,180 shares of the company's stock, valued at $601,758. This represents a 471.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 34.40% of the stock is owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group boosted its holdings in MGP Ingredients by 2,365.7% in the first quarter. Brooklyn Investment Group now owns 863 shares of the company's stock worth $25,000 after acquiring an additional 828 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in MGP Ingredients by 333.3% in the first quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock worth $26,000 after acquiring an additional 690 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of MGP Ingredients by 114.8% during the first quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock valued at $44,000 after purchasing an additional 800 shares in the last quarter. CWM LLC lifted its holdings in shares of MGP Ingredients by 127.4% during the first quarter. CWM LLC now owns 2,051 shares of the company's stock valued at $60,000 after purchasing an additional 1,149 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of MGP Ingredients by 1,055.2% during the first quarter. Signaturefd LLC now owns 2,218 shares of the company's stock valued at $65,000 after purchasing an additional 2,026 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.