Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $50.33

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been assigned a consensus rating of “Moderate Buy” from the five analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $50.33.

MGPI has been the topic of several research analyst reports. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their target price for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday. Wells Fargo & Company cut their price objective on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Finally, Truist Financial decreased their target price on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th.

MGP Ingredients Price Performance

NASDAQ:MGPI opened at $31.89 on Wednesday. The stock has a market capitalization of $678.30 million, a PE ratio of 6.63 and a beta of 0.61. MGP Ingredients has a 52 week low of $25.12 and a 52 week high of $92.52. 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 stock’s 50-day moving average price is $29.75 and its 200-day moving average price is $38.42.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $121.65 million during the quarter, compared to analysts’ expectations of $119.14 million. During the same period in the previous year, the business earned $1.07 earnings per share. The business’s revenue was down 28.7% compared to the same quarter last year. As a group, equities analysts expect that MGP Ingredients will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Friday, May 16th. MGP Ingredients’s dividend payout ratio is currently 31.79%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now directly owns 283,569 shares in the company, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 29,417 shares of company stock valued at $905,556. 36.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

Hedge funds have recently modified their holdings of the company. Wasatch Advisors LP acquired a new stake in shares of MGP Ingredients during the 4th quarter worth approximately $28,388,000. Raymond James Financial Inc. purchased a new position in MGP Ingredients in the fourth quarter worth approximately $13,125,000. Voloridge Investment Management LLC acquired a new stake in MGP Ingredients during the fourth quarter worth $12,932,000. Cubist Systematic Strategies LLC purchased a new stake in MGP Ingredients in the fourth quarter valued at $7,164,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of MGP Ingredients by 1,292.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after purchasing an additional 175,142 shares during the last quarter. Hedge funds and other institutional investors 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.