MGP Ingredients (NASDAQ:MGPI) Downgraded by TD Cowen to “Hold”

TD Cowen cut shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Marketbeat reports. They currently have $50.00 price objective on the stock, down from their prior price objective of $66.00.

Several other equities analysts have also recently commented on MGPI. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Truist Financial cut their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Roth Mkm cut 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Trading Up 3.7 %

Shares of NASDAQ:MGPI traded up $1.83 during midday trading on Wednesday, reaching $50.90. The company had a trading volume of 830,974 shares, compared to its average volume of 678,639. The company has a fifty day simple moving average of $73.54 and a two-hundred day simple moving average of $77.34. 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 firm has a market cap of $1.12 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. MGP Ingredients has a 1-year low of $45.44 and a 1-year high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate 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 for the quarter was down 23.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.34 EPS. Research analysts predict that MGP Ingredients will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Activity

In related news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGPI. Covestor Ltd raised its holdings in MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after acquiring an additional 150 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in MGP Ingredients by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock valued at $1,178,000 after buying an additional 177 shares during the period. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of MGP Ingredients by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after acquiring an additional 200 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in MGP Ingredients by 7.4% in the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after acquiring an additional 220 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.