MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus Sells 7,050 Shares

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI traded up $0.39 on Thursday, reaching $47.01. 135,755 shares of the company were exchanged, compared to its average volume of 247,955. 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, Inc. has a 1-year low of $45.44 and a 1-year high of $102.42. The company has a 50-day moving average of $67.70 and a 200-day moving average of $75.62. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 9.69, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 EPS. Equities analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.02%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently made changes to their positions in MGPI. Massachusetts Financial Services Co. MA bought a new position in MGP Ingredients during the 2nd quarter worth approximately $22,028,000. Ariel Investments LLC raised its holdings in shares of MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after purchasing an additional 248,076 shares in the last quarter. FMR LLC lifted its position in shares of MGP Ingredients by 14.2% during the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after acquiring an additional 137,292 shares during the last quarter. State Street Corp lifted its holdings in shares of MGP Ingredients by 22.4% during the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after purchasing an additional 131,542 shares during the last quarter. Finally, Portolan Capital Management LLC acquired a new position in shares of MGP Ingredients in the third quarter worth about $6,777,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

Analysts Set New Price Targets

MGPI has been the subject of a number of analyst reports. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial decreased their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Roth Mkm decreased their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

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.