MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $88.00 by Analysts at Roth Mkm

MGP Ingredients (NASDAQ:MGPI) had its price objective cut by Roth Mkm from $92.00 to $88.00 in a research note published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on MGPI. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a report on Friday. Finally, Truist Financial dropped their price objective on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.60.

MGP Ingredients Stock Down 24.2 %

MGPI stock opened at $61.86 on Friday. The stock has a market cap of $1.36 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.16 and a beta of 0.59. MGP Ingredients has a 1-year low of $59.10 and a 1-year high of $102.42. The stock’s fifty day simple moving average is $84.57 and its two-hundred day simple moving average is $80.31. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The business had revenue of $190.80 million during the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter last year, the business posted $1.49 EPS. The business’s revenue was down 8.7% on a year-over-year basis. Analysts expect that MGP Ingredients will post 6.25 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.12 per share. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.78%. MGP Ingredients’s dividend payout ratio is presently 11.09%.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now directly owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGPI. CWM LLC raised its stake in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 325 shares during the last quarter. Isthmus Partners LLC raised its stake in shares of MGP Ingredients by 2.1% in the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of MGP Ingredients in the second quarter worth $42,000. LRI Investments LLC purchased a new position in shares of MGP Ingredients in the first quarter worth $43,000. Finally, Covestor Ltd raised its stake in shares of MGP Ingredients by 23.3% in the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other 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.