MGP Ingredients (NASDAQ:MGPI) Sets New 1-Year Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low on Wednesday . The company traded as low as $43.32 and last traded at $43.47, with a volume of 26784 shares traded. The stock had previously closed at $43.82.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Performance

The stock has a 50 day simple moving average of $54.31 and a two-hundred day simple moving average of $71.35. The company has a market capitalization of $961.10 million, a price-to-earnings ratio of 9.11, a PEG ratio of 0.74 and a beta of 0.63. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 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 firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the firm earned $1.34 EPS. MGP Ingredients’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction that occurred 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

Several large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC lifted its stake in 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 buying an additional 186 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of MGP Ingredients by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after acquiring an additional 200 shares during the last quarter. First Horizon Advisors Inc. increased its position in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares in the last quarter. CWM LLC raised 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 purchasing an additional 325 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in MGP Ingredients by 19.4% in the 3rd quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock valued at $281,000 after purchasing an additional 549 shares in 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.