TD Cowen Downgrades MGP Ingredients (NASDAQ:MGPI) to Hold

TD Cowen lowered shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a research report released on Wednesday morning, Marketbeat Ratings reports. They currently have $50.00 price objective on the stock, down from their prior price objective of $66.00.

A number of other brokerages also recently commented on MGPI. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th. Roth Mkm lowered their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Stock Up 2.5 %

Shares of NASDAQ MGPI traded up $1.20 during mid-day trading on Wednesday, reaching $49.49. The company had a trading volume of 78,414 shares, compared to its average volume of 237,365. The stock has a market cap of $1.09 billion, a P/E ratio of 10.04, a PEG ratio of 0.76 and a beta of 0.66. MGP Ingredients has a 52-week low of $45.44 and a 52-week high of $102.42. The firm has a 50 day simple moving average of $75.14 and a two-hundred day simple moving average of $77.74. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $161.55 million. During the same period in the previous year, the company posted $1.34 EPS. MGP Ingredients’s revenue was down 23.7% compared to the same quarter last year. Sell-side analysts predict that MGP Ingredients will post 5.58 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 1,109 shares of the firm’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 value of $99,965.26. Following the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

Institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC boosted its stake in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 325 shares in the last quarter. LRI Investments LLC acquired a new position in MGP Ingredients during the 1st quarter valued at about $43,000. Innealta Capital LLC acquired a new stake in MGP Ingredients during the 2nd quarter worth $42,000. Farther Finance Advisors LLC lifted its stake in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the period. Finally, Covestor Ltd boosted its holdings in MGP Ingredients by 23.3% during the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after buying an additional 150 shares during the last quarter. 77.11% of the stock is currently owned by 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.