MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $75.00 at Truist Financial

MGP Ingredients (NASDAQ:MGPI) had its price objective cut by Truist Financial from $85.00 to $75.00 in a research report report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

MGPI has been the topic of several other research reports. Lake Street Capital lowered 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 report on Friday, October 18th. Roth Mkm lowered their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a report on Friday, October 18th. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.00.

MGP Ingredients Stock Performance

MGPI stock opened at $46.47 on Friday. The firm has a market cap of $1.02 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 0.74 and a beta of 0.66. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $77.75 and a 200-day moving average price of $78.41. MGP Ingredients has a 1-year low of $45.48 and a 1-year high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for 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 company’s revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 earnings per share. As a group, equities research analysts expect that MGP Ingredients will post 5.58 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, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

Several large investors have recently modified their holdings of MGPI. Vanguard Group Inc. lifted its position in shares of MGP Ingredients by 2.9% during the fourth 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 in the last quarter. Norden Group LLC bought a new stake in shares of MGP Ingredients in the 1st quarter valued at about $261,000. Janney Montgomery Scott LLC bought a new stake in MGP Ingredients in the first quarter valued at approximately $495,000. FORA Capital LLC purchased a new stake in MGP Ingredients during the 1st quarter valued at $287,000. Finally, Mutual of America Capital Management LLC boosted its holdings in shares of MGP Ingredients by 239.2% during the first quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock worth $5,560,000 after purchasing an additional 45,527 shares during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.