MGP Ingredients (NASDAQ:MGPI) Stock Price Down 5.7% – What’s Next?

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) were down 5.7% during trading on Tuesday . The stock traded as low as $43.72 and last traded at $43.79. Approximately 139,532 shares changed hands during trading, a decline of 44% from the average daily volume of 251,314 shares. The stock had previously closed at $46.46.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MGPI. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial dropped their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, MGP Ingredients has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Up 3.5 %

The company has a market cap of $1.01 billion, a P/E ratio of 9.23, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $64.60 and a 200 day moving average of $74.56.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.34 EPS. On average, research analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.04%. MGP Ingredients’s payout ratio is presently 9.98%.

Insider Transactions at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Seaberg sold 1,109 shares of the business’s 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 of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new stake in shares of MGP Ingredients in the second quarter worth $22,028,000. Ariel Investments LLC lifted its stake in shares of MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after buying an additional 248,076 shares in the last quarter. FMR LLC boosted its holdings in MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after buying an additional 137,292 shares during the period. State Street Corp increased its stake in MGP Ingredients by 22.4% in the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after buying an additional 131,542 shares in the last quarter. Finally, Portolan Capital Management LLC bought a new stake in MGP Ingredients during the third quarter valued at about $6,777,000. Institutional investors 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.