MGP Ingredients (NASDAQ:MGPI) Sets New 12-Month Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low on Tuesday . The company traded as low as $56.35 and last traded at $56.65, with a volume of 261519 shares trading hands. The stock had previously closed at $58.69.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MGPI. Truist Financial dropped their price target on shares of MGP Ingredients from $95.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Roth Mkm lowered their price objective 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. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Finally, Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $88.60.

MGP Ingredients Trading Down 3.5 %

The business’s 50 day simple moving average is $80.73 and its two-hundred day simple moving average is $79.16. The stock has a market cap of $1.25 billion, a P/E ratio of 13.59, a PEG ratio of 0.93 and a beta of 0.59. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter in the previous year, the firm posted $1.49 earnings per share. MGP Ingredients’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, analysts expect that MGP Ingredients, Inc. will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 dividend on an annualized basis and a yield of 0.85%. MGP Ingredients’s dividend payout ratio (DPR) is currently 11.11%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of MGP Ingredients in the 1st quarter worth about $43,000. Innealta Capital LLC acquired a new stake in shares of MGP Ingredients in the 2nd quarter worth about $42,000. Farther Finance Advisors LLC raised its holdings 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 worth $50,000 after acquiring an additional 186 shares during the last quarter. Finally, Covestor Ltd grew its position in MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.