Roth Mkm Issues Pessimistic Forecast for MGP Ingredients (NASDAQ:MGPI) Stock Price

MGP Ingredients (NASDAQ:MGPI) had its price target reduced by Roth Mkm from $69.00 to $65.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently issued reports on MGPI. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Truist Financial decreased their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday. 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

MGP Ingredients Stock Up 2.1 %

Shares of MGPI stock opened at $46.47 on Monday. MGP Ingredients has a fifty-two week low of $45.48 and a fifty-two week high of $102.42. The firm has a market capitalization of $1.02 billion, a PE ratio of 9.66, a P/E/G ratio of 0.74 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock’s 50-day simple moving average is $76.84 and its 200-day simple moving average is $78.18.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the company earned $1.34 EPS. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. Equities analysts expect that MGP Ingredients will post 5.58 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of the company’s 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 completion of the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 36.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Scout Investments Inc. increased its stake in MGP Ingredients by 30.5% during the 1st quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after buying an additional 20,073 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of MGP Ingredients by 239.2% during the first 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 in the last quarter. Natixis Advisors LLC raised its stake in MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after purchasing an additional 13,332 shares during the last quarter. ZWJ Investment Counsel Inc. lifted its holdings in MGP Ingredients by 2.5% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after purchasing an additional 7,042 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after purchasing an additional 19,203 shares during the last quarter. Institutional investors and hedge funds 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.