MGP Ingredients (NASDAQ:MGPI) Stock Price Down 5.5%

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price was down 5.5% during mid-day trading on Monday . The company traded as low as $83.53 and last traded at $84.18. Approximately 68,400 shares changed hands during trading, a decline of 64% from the average daily volume of 188,010 shares. The stock had previously closed at $89.05.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MGPI shares. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Roth Mkm reissued a “buy” rating and set a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th.

MGP Ingredients Trading Down 6.6 %

The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The stock’s 50-day moving average is $82.46 and its two-hundred day moving average is $80.52. The company has a market cap of $1.83 billion, a P/E ratio of 20.57, a P/E/G ratio of 1.30 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The business had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. During the same period last year, the firm posted $1.49 earnings per share. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, equities research analysts predict that MGP Ingredients, Inc. will post 6.25 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.58%. MGP Ingredients’s payout ratio is presently 11.09%.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares in the company, valued at approximately $4,944,232.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its holdings in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares in the last quarter. LRI Investments LLC purchased a new position in shares of MGP Ingredients during the 1st quarter valued at $43,000. Innealta Capital LLC bought a new position in MGP Ingredients in the 2nd quarter worth $42,000. Quest Partners LLC purchased a new stake in MGP Ingredients in the 4th quarter worth $72,000. Finally, Covestor Ltd raised its holdings in MGP Ingredients by 23.3% during the first quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after acquiring an additional 150 shares during the period. 77.11% of the stock is currently owned by institutional investors.

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.