Analysts Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $71.29

MGP Ingredients, Inc. (NASDAQ:MGPI) has been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $71.29.

Several analysts have weighed in on the company. Roth Mkm lowered their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial lowered their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Wells Fargo & Company lowered their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th.

MGP Ingredients Stock Up 0.6 %

Shares of NASDAQ MGPI opened at $36.19 on Monday. MGP Ingredients has a 52 week low of $34.02 and a 52 week high of $92.90. The business has a 50-day simple moving average of $41.40 and a two-hundred day simple moving average of $64.12. 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 market cap of $794.37 million, a P/E ratio of 7.52 and a beta of 0.65.

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 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 analysts’ expectations of $161.55 million. During the same quarter last year, the firm posted $1.34 EPS. The company’s revenue was down 23.7% compared to the same quarter last year. Research analysts anticipate that MGP Ingredients will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.33%. MGP Ingredients’s payout ratio is 9.98%.

Insider Buying and Selling

In related news, 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 transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of large investors have recently made changes to their positions in MGPI. Envestnet Asset Management Inc. grew its position in shares of MGP Ingredients by 20.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after buying an additional 19,203 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of MGP Ingredients by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after buying an additional 68,278 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of MGP Ingredients in the 2nd quarter worth approximately $164,000. Public Sector Pension Investment Board grew its position in shares of MGP Ingredients by 7.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 34,389 shares of the company’s stock worth $2,559,000 after buying an additional 2,345 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in shares of MGP Ingredients by 8.8% in the 2nd quarter. Squarepoint Ops LLC now owns 78,108 shares of the company’s stock worth $5,811,000 after buying an additional 6,323 shares during the last quarter. 77.11% of the stock is currently owned by 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.