Analysts Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $50.33

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

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

Insider Activity

In related news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction 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 legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 29,417 shares of company stock valued at $905,556. 36.20% of the stock is currently owned by insiders.

Institutional Trading of MGP Ingredients

Several hedge funds and other institutional investors have recently bought and sold shares of MGPI. Wasatch Advisors LP purchased a new position in shares of MGP Ingredients in the fourth quarter worth $28,388,000. Raymond James Financial Inc. purchased a new position in shares of MGP Ingredients in the fourth quarter valued at about $13,125,000. Voloridge Investment Management LLC bought a new position in shares of MGP Ingredients during the fourth quarter valued at about $12,932,000. Cubist Systematic Strategies LLC purchased a new stake in shares of MGP Ingredients during the fourth quarter worth about $7,164,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock worth $7,429,000 after purchasing an additional 175,142 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Up 0.3 %

Shares of MGP Ingredients stock opened at $32.11 on Wednesday. The company’s 50-day moving average price is $29.72 and its 200-day moving average price is $37.58. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 12-month low of $25.12 and a 12-month high of $92.52. The company has a market cap of $682.98 million, a price-to-earnings ratio of 6.68 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $121.65 million during the quarter, compared to analyst estimates of $119.14 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 28.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 EPS. On average, equities analysts expect that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Friday, May 16th. MGP Ingredients’s dividend payout ratio is presently 106.67%.

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.