MGP Ingredients (NASDAQ:MGPI) Stock Price Up 8.6% Following Better-Than-Expected Earnings

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price rose 8.6% on Thursday following a better than expected earnings announcement. The stock traded as high as $32.55 and last traded at $31.99. Approximately 39,231 shares changed hands during trading, a decline of 90% from the average daily volume of 393,604 shares. The stock had previously closed at $29.47.

The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $121.65 million during the quarter, compared to analysts’ expectations of $119.14 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients’s revenue was down 28.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.07 EPS.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors 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 (DPR) is presently 31.79%.

Analyst Ratings Changes

A number of brokerages have weighed in on MGPI. Wells Fargo & Company cut their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday. Truist Financial lowered their target price on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Finally, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, MGP Ingredients currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. This represents a 9.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 29,417 shares of company stock valued at $905,556 over the last ninety days. 36.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares during the period. Versant Capital Management Inc grew its holdings in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after buying an additional 460 shares during the last quarter. Penserra Capital Management LLC increased its position in shares of MGP Ingredients by 333.3% during the first quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock worth $26,000 after acquiring an additional 690 shares in the last quarter. Quarry LP acquired a new stake in shares of MGP Ingredients in the 4th quarter worth about $75,000. Finally, PNC Financial Services Group Inc. lifted its position in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after acquiring an additional 687 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The business has a 50 day simple moving average of $29.75 and a 200-day simple moving average of $38.42. The firm has a market cap of $678.30 million, a price-to-earnings ratio of 6.63 and a beta of 0.61.

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.