MGP Ingredients (NASDAQ:MGPI) Downgraded by StockNews.com

StockNews.com downgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a sell rating in a report issued on Monday morning.

Other equities research analysts have also recently issued research reports about the company. Roth Mkm reduced their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial dropped their price objective on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $88.60.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $57.59 on Monday. The firm has a market capitalization of $1.27 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.94 and a beta of 0.59. MGP Ingredients has a twelve month low of $56.50 and a twelve month high of $102.42. The company has a fifty day moving average of $81.91 and a 200-day moving average of $79.47. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.17. The firm had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.49 earnings per share. As a group, sell-side analysts anticipate that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.83%. MGP Ingredients’s payout ratio is 11.11%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now directly owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 36.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA bought a new stake in shares of MGP Ingredients during the 2nd quarter worth $22,028,000. Champlain Investment Partners LLC raised its position in MGP Ingredients by 25.4% in the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after acquiring an additional 276,675 shares during the period. Ariel Investments LLC purchased a new position in MGP Ingredients in the first quarter valued at about $23,059,000. Dimensional Fund Advisors LP grew its position in shares of MGP Ingredients by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after acquiring an additional 68,278 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of MGP Ingredients by 239.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock worth $5,560,000 after purchasing an additional 45,527 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.