MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $50.33 Consensus Target Price from Analysts

MGP Ingredients, Inc. (NASDAQ:MGPI) has received an average recommendation of “Moderate Buy” from the five research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $50.33.

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company lowered their target price 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. 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 research note on Thursday, April 24th. Finally, Wall Street Zen lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Saturday, May 10th.

Insiders Place Their Bets

In other news, Director Martin Roper purchased 15,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was bought at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the purchase, the director owned 18,180 shares of the company’s stock, valued at approximately $601,758. The trade was a 471.70% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 34.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

Large investors have recently modified their holdings of the business. Brooklyn Investment Group lifted its holdings in MGP Ingredients by 2,365.7% during the 1st quarter. Brooklyn Investment Group now owns 863 shares of the company’s stock worth $25,000 after buying an additional 828 shares in the last quarter. Penserra Capital Management LLC raised its holdings in shares of MGP Ingredients by 333.3% in the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock valued at $26,000 after purchasing an additional 690 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of MGP Ingredients by 114.8% in the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company’s stock valued at $44,000 after purchasing an additional 800 shares in the last quarter. CWM LLC raised its holdings in shares of MGP Ingredients by 127.4% in the 1st quarter. CWM LLC now owns 2,051 shares of the company’s stock valued at $60,000 after purchasing an additional 1,149 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in shares of MGP Ingredients by 1,055.2% in the 1st quarter. Signaturefd LLC now owns 2,218 shares of the company’s stock valued at $65,000 after purchasing an additional 2,026 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Trading Up 2.2%

Shares of MGPI stock opened at $29.90 on Monday. MGP Ingredients has a 52-week low of $25.12 and a 52-week high of $92.52. The firm has a fifty day moving average of $30.74 and a 200-day moving average of $31.72. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 2.83. The stock has a market cap of $635.97 million, a price-to-earnings ratio of 66.44 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. The firm had revenue of $121.65 million for the quarter, compared to the consensus estimate of $119.14 million. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The firm’s revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 earnings per share. On average, equities research analysts forecast that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 1.61%. MGP Ingredients’s dividend payout ratio (DPR) is presently 106.67%.

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.