MGP Ingredients (NASDAQ:MGPI) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a report issued on Friday morning.

Several other analysts also recently commented on MGPI. Roth Mkm reduced their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Truist Financial reduced their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.60.

MGP Ingredients Trading Down 5.2 %

MGP Ingredients stock traded down $2.52 during mid-day trading on Friday, hitting $45.52. 1,024,184 shares of the stock were exchanged, compared to its average volume of 232,156. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. MGP Ingredients has a 12 month low of $45.48 and a 12 month high of $102.42. The firm’s fifty day simple moving average is $77.75 and its two-hundred day simple moving average is $78.41. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 0.92 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the business earned $1.34 EPS. The company’s revenue was down 23.7% compared to the same quarter last year. Analysts forecast that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently bought and sold shares of the company. Atria Investments Inc purchased a new position in MGP Ingredients during the 3rd quarter worth $304,000. Assetmark Inc. raised its stake in shares of MGP Ingredients by 6.5% during the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock worth $948,000 after purchasing an additional 699 shares during the period. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares during the period. Rice Hall James & Associates LLC bought a new stake in shares of MGP Ingredients during the 3rd quarter worth $6,545,000. Finally, Congress Asset Management Co. raised its stake in shares of MGP Ingredients by 18.6% during the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after purchasing an additional 76,835 shares during the period. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.