MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $85.00 at Truist Financial

MGP Ingredients (NASDAQ:MGPI) had its target price decreased by Truist Financial from $95.00 to $85.00 in a report released on Tuesday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Roth Mkm decreased their target price on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday. Finally, Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $88.60.

MGP Ingredients Trading Down 0.1 %

Shares of NASDAQ:MGPI opened at $57.59 on Tuesday. The firm has a fifty day moving average of $81.91 and a two-hundred day moving average of $79.47. The firm has a market capitalization of $1.27 billion, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 0.94 and a beta of 0.59. MGP Ingredients has a 12-month low of $56.50 and a 12-month high of $102.42. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. The company had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter last year, the business posted $1.49 EPS. On average, equities analysts expect that MGP Ingredients will post 5.58 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.83%. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.11%.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MGPI. Vanguard Group Inc. raised its holdings in MGP Ingredients by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 1,126,323 shares of the company’s stock worth $110,965,000 after acquiring an additional 31,839 shares during the period. Diversified Trust Co increased its holdings in shares of MGP Ingredients by 60.0% during the 1st quarter. Diversified Trust Co now owns 11,600 shares of the company’s stock worth $999,000 after purchasing an additional 4,350 shares during the period. Congress Wealth Management LLC DE increased its holdings in shares of MGP Ingredients by 41.9% during the 1st quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock worth $4,329,000 after purchasing an additional 14,843 shares during the period. Norden Group LLC bought a new position in shares of MGP Ingredients during the 1st quarter worth about $261,000. Finally, Peterson Wealth Services increased its holdings in shares of MGP Ingredients by 223.2% during the 1st quarter. Peterson Wealth Services now owns 7,237 shares of the company’s stock worth $623,000 after purchasing an additional 4,998 shares during the period. 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.