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

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 7,050 shares of the firm’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. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

MGP Ingredients Stock Down 2.7 %

MGPI stock opened at $45.50 on Friday. MGP Ingredients, Inc. has a 52 week low of $44.96 and a 52 week high of $102.42. The business has a 50-day simple moving average of $66.17 and a 200 day simple moving average of $75.19. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a market cap of $998.73 million, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last issued its 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. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.34 EPS. Sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Hedge Funds Weigh In On MGP Ingredients

Hedge funds and other institutional investors have recently modified their holdings of the business. Covestor Ltd grew its position in MGP Ingredients by 23.3% in the first quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after acquiring an additional 150 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of 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 purchasing an additional 186 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of 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 purchasing an additional 200 shares during the last quarter. ProShare Advisors LLC increased its position in MGP Ingredients by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after purchasing an additional 220 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on MGPI. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Roth Mkm reduced their target price 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. Truist Financial decreased 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 note on Friday, November 1st. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average price target 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.