MGP Ingredients (NASDAQ:MGPI) Cut to Hold at TD Cowen

TD Cowen lowered shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. TD Cowen currently has $50.00 price objective on the stock, down from their previous price objective of $66.00.

MGPI has been the subject of a number of other research reports. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial decreased their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Up 3.7 %

NASDAQ:MGPI traded up $1.83 during trading hours on Wednesday, hitting $50.90. The stock had a trading volume of 830,974 shares, compared to its average volume of 678,639. The company has a market cap of $1.12 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. The business has a 50 day simple moving average of $73.54 and a two-hundred day simple moving average of $77.34. MGP Ingredients has a 1-year low of $45.44 and a 1-year high of $102.42. 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 (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business’s revenue was down 23.7% on a year-over-year basis. During the same period last year, the business earned $1.34 EPS. Analysts predict that MGP Ingredients will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insider Transactions at MGP Ingredients

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

Hedge Funds Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC raised its stake in shares of MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares in the last quarter. Isthmus Partners LLC raised its holdings in MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new stake in MGP Ingredients in the second quarter worth approximately $42,000. LRI Investments LLC bought a new position in MGP Ingredients during the 1st quarter valued at $43,000. Finally, Farther Finance Advisors LLC increased its position 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 valued at $50,000 after purchasing an additional 186 shares during the period. 77.11% of the stock is owned by 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.