MGP Ingredients (NASDAQ:MGPI) Stock Price Down 5.7% – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) shares were down 5.7% during mid-day trading on Tuesday . The company traded as low as $43.72 and last traded at $43.79. Approximately 139,532 shares changed hands during trading, a decline of 44% from the average daily volume of 251,314 shares. The stock had previously closed at $46.46.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MGPI shares. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm reduced their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Trading Up 3.5 %

The stock has a market cap of $1.01 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.76 and a beta of 0.66. 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 stock’s fifty day moving average is $64.60 and its 200 day moving average is $74.56.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results 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 analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business’s revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the business earned $1.34 EPS. As a group, equities research analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.04%. MGP Ingredients’s dividend payout ratio is 9.98%.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This trade represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MGPI. CWM LLC lifted its stake in MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares during the period. LRI Investments LLC purchased a new position in MGP Ingredients in the first quarter valued at about $43,000. Innealta Capital LLC bought a new position in MGP Ingredients in the second quarter worth about $42,000. Farther Finance Advisors LLC grew its position 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 worth $50,000 after buying an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in shares of MGP Ingredients by 73.5% during the 3rd 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. 77.11% of the stock is currently owned by hedge funds and other 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.