Truist Financial Cuts MGP Ingredients (NASDAQ:MGPI) Price Target to $85.00

MGP Ingredients (NASDAQ:MGPI) had its target price decreased by Truist Financial from $95.00 to $85.00 in a research report report published on Tuesday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other brokerages have also commented on MGPI. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Roth Mkm lowered their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Finally, StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Monday. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Hold” and an average target price of $88.60.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI opened at $57.59 on Tuesday. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average price is $81.91 and its two-hundred day moving average price is $79.47. MGP Ingredients has a 52-week low of $56.50 and a 52-week high of $102.42. The stock has a market capitalization of $1.27 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.94 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. During the same quarter last year, the business earned $1.49 earnings per share. MGP Ingredients’s revenue was down 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that MGP Ingredients will post 5.58 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.83%. MGP Ingredients’s dividend payout ratio (DPR) is 11.11%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Scout Investments Inc. grew its position in MGP Ingredients by 30.5% in the first quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after buying an additional 20,073 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in MGP Ingredients by 239.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock worth $5,560,000 after purchasing an additional 45,527 shares during the period. Congress Wealth Management LLC DE boosted its stake 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 worth $4,329,000 after purchasing an additional 14,843 shares during the period. Natixis Advisors LLC boosted its stake in MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after purchasing an additional 13,332 shares during the period. Finally, ZWJ Investment Counsel Inc. boosted its stake in MGP Ingredients by 2.5% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after purchasing an additional 7,042 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.