MGP Ingredients (NASDAQ:MGPI) Sets New 12-Month Low – Here’s What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $43.32 and last traded at $43.47, with a volume of 26784 shares. The stock had previously closed at $43.82.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MGPI shares. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Truist Financial reduced their target price 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. Roth Mkm lowered their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Performance

The firm has a market capitalization of $917.51 million, a PE ratio of 8.69, a price-to-earnings-growth 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. The business’s fifty day simple moving average is $52.86 and its 200-day simple moving average is $70.92.

MGP Ingredients (NASDAQ:MGPI) last posted its 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. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period last year, the company posted $1.34 earnings per share. As a group, equities research analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently declared 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. This represents a $0.48 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were 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 in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. World Investment Advisors LLC purchased a new stake in MGP Ingredients during the third quarter valued at approximately $6,100,000. Virtu Financial LLC purchased a new stake in MGP Ingredients during the 3rd quarter valued at $373,000. MML Investors Services LLC lifted its position in MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after buying an additional 1,083 shares during the last quarter. Villanova Investment Management Co LLC lifted its position in MGP Ingredients by 6.2% in the third quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock worth $1,892,000 after buying an additional 1,333 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in MGP Ingredients during the third quarter worth $986,000. 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.