MGP Ingredients (NASDAQ:MGPI) Reaches New 52-Week Low After Analyst Downgrade

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price hit a new 52-week low during mid-day trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $58.00 to $44.00. Wells Fargo & Company currently has an overweight rating on the stock. MGP Ingredients traded as low as $37.61 and last traded at $37.64, with a volume of 76325 shares trading hands. The stock had previously closed at $38.53.

Several other research firms have also recently weighed in on MGPI. TD Cowen cut shares of 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. Roth Mkm cut their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. Truist Financial decreased their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.29.

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 shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC grew its holdings in shares of 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 acquiring an additional 137,292 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of MGP Ingredients by 9.5% in the second 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 period. State Street Corp increased its position in shares of MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after acquiring an additional 131,542 shares in the last quarter. Ariel Investments LLC lifted its position in shares of MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after acquiring an additional 248,076 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in MGP Ingredients by 67.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock worth $41,261,000 after purchasing an additional 199,550 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Price Performance

The company has a market cap of $821.48 million, a PE ratio of 7.78, a price-to-earnings-growth ratio of 0.74 and a beta of 0.65. The stock has a fifty day moving average price of $45.34 and a 200-day moving average price of $67.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last released 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. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the firm earned $1.34 EPS. The company’s revenue was down 23.7% compared to the same quarter last year. On average, equities analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders 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 annualized dividend and a dividend yield of 1.28%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

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.