MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low Following Insider Selling

MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $45.27 and last traded at $45.37, with a volume of 216189 shares. The stock had previously closed at $46.75.

Specifically, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial reduced 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. Roth Mkm reduced their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Trading Down 3.0 %

The company has a 50 day simple moving average of $66.96 and a 200 day simple moving average of $75.42. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $996.01 million, a PE ratio of 9.72, a P/E/G ratio of 0.76 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 EPS. Analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. CWM LLC boosted its stake in MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after acquiring an additional 325 shares during the period. LRI Investments LLC bought a new stake in shares of MGP Ingredients during the first quarter valued at approximately $43,000. Innealta Capital LLC bought a new stake in shares of MGP Ingredients during the second quarter valued at approximately $42,000. Farther Finance Advisors LLC raised its holdings in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.