MGP Ingredients (NASDAQ:MGPI) Shares Down 4.8% – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI) was down 4.8% during trading on Tuesday . The company traded as low as $46.30 and last traded at $46.47. Approximately 150,684 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 246,820 shares. The stock had previously closed at $48.80.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MGPI. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, 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 research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Price Performance

The firm has a 50 day moving average of $66.96 and a 200-day moving average of $75.42. The company has a market cap of $1.03 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.76 and a beta of 0.66. 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 issued its earnings results 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. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the company earned $1.34 EPS. On average, equities research analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.03%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients 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 completion of the transaction, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,251 shares of company stock worth $1,520,617 in the last quarter. 36.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. Covestor Ltd boosted its holdings in MGP Ingredients by 23.3% during the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after acquiring an additional 150 shares during the period. Farther Finance Advisors LLC boosted its holdings in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the period. Louisiana State Employees Retirement System boosted its holdings in MGP Ingredients by 2.6% during the 2nd 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 period. ProShare Advisors LLC boosted its holdings in MGP Ingredients by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after acquiring an additional 220 shares during the period. Finally, First Horizon Advisors Inc. boosted its holdings in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares during the period. Hedge funds and other institutional investors 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.