MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $60.00 at Roth Mkm

MGP Ingredients (NASDAQ:MGPI) had its price objective reduced by Roth Mkm from $65.00 to $60.00 in a research note released on Monday morning,Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Several other analysts have also recently issued reports on the stock. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial decreased their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and an average price target of $75.83.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $39.85 on Monday. The stock has a market capitalization of $874.83 million, a P/E ratio of 8.28, a PEG ratio of 0.74 and a beta of 0.63. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients has a fifty-two week low of $38.65 and a fifty-two week high of $102.42. The company has a 50 day moving average price of $48.90 and a 200 day moving average price of $69.72.

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

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.20%. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the 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 in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 36.20% of the stock is owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

Several institutional investors have recently added to or reduced their stakes in MGPI. Farther Finance Advisors LLC lifted its position in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of MGP Ingredients by 2.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after purchasing an additional 200 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the period. Park Avenue Securities LLC grew its stake in MGP Ingredients by 19.4% during the 3rd quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock worth $281,000 after buying an additional 549 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in MGP Ingredients during the second quarter worth approximately $42,000. Hedge funds and other 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.