By otakuyassine3@gmail.com 
MGP Ingredients, Inc. (NASDAQ:MGPI – Get Free Report)’s stock price reached a new 52-week low on Tuesday after Roth Mkm lowered their price target on the stock from $65.00 to $60.00. Roth Mkm currently has a buy rating on the stock. MGP Ingredients traded as low as $38.65 and last traded at $39.85, with a volume of 630081 shares trading hands. The stock had previously closed at $40.00.
A number of other research analysts have also recently commented on the company. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Truist Financial reduced their price target 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. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.83.
View Our Latest Stock Analysis on MGP Ingredients
Insider Buying and Selling at MGP Ingredients
In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 36.20% of the stock is owned by insiders.
Institutional Investors Weigh In On MGP Ingredients
Hedge funds and other institutional investors have recently modified their holdings of the stock. World Investment Advisors LLC bought a new position in shares of MGP Ingredients during the third quarter worth about $6,100,000. Virtu Financial LLC acquired a new stake in MGP Ingredients during the third quarter valued at approximately $373,000. MML Investors Services LLC lifted its holdings in MGP Ingredients by 28.2% during the 3rd 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 grew its position in shares of MGP Ingredients by 6.2% in the 3rd quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock worth $1,892,000 after acquiring an additional 1,333 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of MGP Ingredients in the 3rd quarter worth approximately $986,000. Institutional investors own 77.11% of the company’s stock.
MGP Ingredients Price Performance
The stock has a fifty day moving average price of $48.90 and a two-hundred day moving average price of $69.72. The firm has a market capitalization of $874.83 million, a P/E ratio of 8.28, a P/E/G 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.
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $1.29 EPS 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 analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.34 earnings per share. Research analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current year.
MGP Ingredients Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.
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.
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