MGP Ingredients (NASDAQ:MGPI) Lowered to “Sell” Rating by StockNews.com

StockNews.com cut shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Several other analysts also recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Truist Financial lowered their price objective on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Finally, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and cut their target price for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.33.

MGP Ingredients Trading Up 0.2 %

Shares of MGP Ingredients stock opened at $32.98 on Friday. The company’s fifty day moving average is $29.72 and its two-hundred day moving average is $37.05. MGP Ingredients has a 1 year low of $25.12 and a 1 year high of $92.52. 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 company has a market capitalization of $701.55 million, a P/E ratio of 6.86 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm had revenue of $121.65 million for the quarter, compared to analysts’ expectations of $119.14 million. During the same quarter in the previous year, the firm posted $1.07 EPS. The firm’s revenue for the quarter was down 28.7% on a year-over-year basis. Analysts forecast that MGP Ingredients will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, May 16th. MGP Ingredients’s dividend payout ratio (DPR) is 106.67%.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the transaction, the director now owns 283,569 shares of the company’s stock, valued at $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Martin Roper acquired 15,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was acquired at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the purchase, the director now owns 18,180 shares in the company, valued at $601,758. The trade was a 471.70 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 29,417 shares of company stock valued at $905,556 in the last ninety days. Corporate insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

A number of large investors have recently bought and sold shares of the stock. Deutsche Bank AG lifted its position in shares of MGP Ingredients by 1,564.2% in the first quarter. Deutsche Bank AG now owns 214,060 shares of the company’s stock valued at $6,289,000 after acquiring an additional 201,197 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of MGP Ingredients by 28.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 168,534 shares of the company’s stock worth $4,952,000 after purchasing an additional 36,951 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of MGP Ingredients by 1.7% during the first quarter. Vanguard Group Inc. now owns 1,145,485 shares of the company’s stock worth $33,654,000 after buying an additional 19,316 shares in the last quarter. New Age Alpha Advisors LLC grew its holdings in shares of MGP Ingredients by 5.3% during the first quarter. New Age Alpha Advisors LLC now owns 30,494 shares of the company’s stock worth $896,000 after buying an additional 1,524 shares in the last quarter. Finally, Blair William & Co. IL acquired a new position in shares of MGP Ingredients in the first quarter valued at approximately $332,000. Institutional investors and hedge funds 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.