MGP Ingredients (NASDAQ:MGPI) Given New $33.00 Price Target at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI) had its price target lowered by Wells Fargo & Company from $38.00 to $33.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

MGP Ingredients Trading Down 3.2%

Shares of MGP Ingredients stock opened at $24.94 on Thursday. MGP Ingredients has a fifty-two week low of $24.90 and a fifty-two week high of $84.76. The firm has a market cap of $530.97 million, a PE ratio of -80.45 and a beta of 0.35. The business’s fifty day moving average is $28.74 and its two-hundred day moving average is $29.59. The company has a quick ratio of 0.79, a current ratio of 2.91 and a debt-to-equity ratio of 0.35.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.33. MGP Ingredients had a positive return on equity of 10.66% and a negative net margin of 1.08%.The company had revenue of $145.49 million for the quarter, compared to analyst estimates of $138.70 million. During the same quarter in the prior year, the company posted $1.71 EPS. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year. MGP Ingredients has set its FY 2025 guidance at 2.450-2.750 EPS. Analysts anticipate that MGP Ingredients will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, August 15th. MGP Ingredients’s dividend payout ratio is presently -154.84%.

Institutional Trading of MGP Ingredients

A number of institutional investors and hedge funds have recently made changes to their positions in MGPI. Brooklyn Investment Group increased its holdings in shares of 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 during the last quarter. Penserra Capital Management LLC increased its holdings in shares of MGP Ingredients by 333.3% during the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock worth $26,000 after buying an additional 690 shares during the last quarter. Osaic Holdings Inc. increased its holdings in shares of MGP Ingredients by 130.3% during the 2nd quarter. Osaic Holdings Inc. now owns 935 shares of the company’s stock worth $28,000 after buying an additional 529 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company’s stock worth $44,000 after buying an additional 800 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of MGP Ingredients by 278.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,883 shares of the company’s stock worth $56,000 after buying an additional 1,386 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.