MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $75.00 by Analysts at Truist Financial

MGP Ingredients (NASDAQ:MGPIFree Report) had its target price lowered by Truist Financial from $85.00 to $75.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Roth Mkm reduced their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Finally, StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average price target of $86.60.

Check Out Our Latest Research Report on MGP Ingredients

MGP Ingredients Stock Down 5.2 %

Shares of NASDAQ MGPI traded down $2.52 during midday trading on Friday, hitting $45.52. 1,024,184 shares of the company’s stock were exchanged, compared to its average volume of 232,156. The firm’s fifty day simple moving average is $77.75 and its 200-day simple moving average is $78.41. The company has a market cap of $1.00 billion, a PE ratio of 9.46, a P/E/G ratio of 0.92 and a beta of 0.59. MGP Ingredients has a twelve month low of $45.48 and a twelve month high of $102.42. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22.

MGP Ingredients (NASDAQ:MGPIGet Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.34 EPS. Research analysts predict that MGP Ingredients will post 5.58 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

Large investors have recently made changes to their positions in the stock. Champlain Investment Partners LLC boosted its stake in shares of MGP Ingredients by 25.4% during the 1st quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after purchasing an additional 276,675 shares during the last quarter. Vanguard Group Inc. grew its stake in MGP Ingredients by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after acquiring an additional 8,770 shares during the period. Dimensional Fund Advisors LP raised its holdings in MGP Ingredients by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after acquiring an additional 68,278 shares during the last quarter. Ariel Investments LLC lifted its stake in shares of MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after purchasing an additional 248,076 shares during the period. Finally, Congress Asset Management Co. boosted its holdings in shares of MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after purchasing an additional 76,835 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Company Profile

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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.

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