MGP Ingredients (NASDAQ:MGPI) Sees Large Volume Increase After Better-Than-Expected Earnings

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) saw unusually-high trading volume on Thursday following a stronger than expected earnings report. Approximately 394,024 shares changed hands during mid-day trading, an increase of 78% from the previous session’s volume of 221,527 shares.The stock last traded at $51.02 and had previously closed at $56.31.

The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. MGP Ingredients’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.34 EPS.

MGP Ingredients Announces Dividend

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 dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

MGPI has been the subject of several recent analyst reports. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. Truist Financial decreased their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday. Finally, Roth Mkm cut their target price on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $86.60.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of MGP Ingredients by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 1,126,323 shares of the company’s stock worth $110,965,000 after acquiring an additional 31,839 shares during the last quarter. Norden Group LLC purchased a new position in shares of MGP Ingredients during the first quarter valued at approximately $261,000. Janney Montgomery Scott LLC bought a new position in shares of MGP Ingredients during the first quarter valued at approximately $495,000. FORA Capital LLC purchased a new stake in shares of MGP Ingredients in the first quarter worth approximately $287,000. Finally, Mutual of America Capital Management LLC lifted 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 acquiring an additional 45,527 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Down 5.2 %

The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The stock has a fifty day moving average of $78.66 and a 200-day moving average of $78.64. The company has a market cap of $1.00 billion, a PE ratio of 9.46, a PEG ratio of 0.92 and a beta of 0.59.

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.