MGP Ingredients (NASDAQ:MGPI) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $63.58 and traded as low as $36.05. MGP Ingredients shares last traded at $36.10, with a volume of 269,356 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on MGPI shares. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $135.00 to $75.00 in a report on Friday, October 18th. Wells Fargo & Company decreased their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Stock Down 3.1 %

The firm has a market cap of $792.40 million, a price-to-earnings ratio of 7.51 and a beta of 0.65. The firm has a 50 day moving average of $40.97 and a 200 day moving average of $63.58. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations 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 for the quarter was down 23.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.34 EPS. As a group, sell-side analysts predict that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

Several hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC raised its holdings in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after acquiring an additional 431 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its position in MGP Ingredients by 19.4% in the 3rd quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock valued at $281,000 after acquiring an additional 549 shares in the last quarter. Institutional investors and hedge funds 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.