MGP Ingredients (NASDAQ:MGPI) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a sell rating in a research note issued to investors on Friday.

Other equities analysts have also recently issued reports about the company. Wedbush restated an outperform rating and set a $120.00 price target on shares of MGP Ingredients in a report on Wednesday, April 10th. Roth Mkm cut their price target on MGP Ingredients from $100.00 to $95.00 and set a buy rating on the stock in a report on Thursday.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $80.54 on Friday. The business’s 50 day simple moving average is $82.67 and its 200 day simple moving average is $89.64. MGP Ingredients has a one year low of $75.78 and a one year high of $124.96. The stock has a market capitalization of $1.77 billion, a PE ratio of 16.78, a PEG ratio of 1.17 and a beta of 0.76. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.51 and a quick ratio of 1.47.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, February 22nd. The company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.38 by $0.26. The business had revenue of $214.90 million for the quarter, compared to analysts’ expectations of $206.87 million. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. The firm’s revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. As a group, research analysts forecast that MGP Ingredients will post 6.18 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, March 14th. MGP Ingredients’s dividend payout ratio is currently 10.00%.

Insider Buying and Selling

In other news, VP Erika Lapish bought 500 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the acquisition, the vice president now directly owns 550 shares in the company, valued at $42,823. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 28.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. ZWJ Investment Counsel Inc. raised its position in MGP Ingredients by 314.1% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 276,549 shares of the company’s stock valued at $23,819,000 after buying an additional 209,771 shares during the last quarter. Norden Group LLC purchased a new stake in MGP Ingredients in the 1st quarter valued at $261,000. Congress Wealth Management LLC DE raised its position in MGP Ingredients by 41.9% in the 1st quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock valued at $4,329,000 after buying an additional 14,843 shares during the last quarter. Diversified Trust Co raised its position in MGP Ingredients by 60.0% in the 1st quarter. Diversified Trust Co now owns 11,600 shares of the company’s stock valued at $999,000 after buying an additional 4,350 shares during the last quarter. Finally, Congress Asset Management Co. MA raised its position in MGP Ingredients by 21.7% in the 1st quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock valued at $33,333,000 after buying an additional 68,950 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.