MGP Ingredients (NASDAQ:MGPI) Lowered to “Sell” Rating by StockNews.com

StockNews.com cut shares of MGP Ingredients (NASDAQ:MGPIFree Report) from a hold rating to a sell rating in a research note published on Saturday morning.

A number of other brokerages have also issued reports on MGPI. Truist Financial cut their price objective on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

Read Our Latest Report on MGPI

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $33.56 on Friday. MGP Ingredients has a twelve month low of $25.12 and a twelve month high of $92.52. The stock has a market capitalization of $713.89 million, a PE ratio of 6.98 and a beta of 0.32. The firm’s 50 day moving average price is $29.73 and its 200-day moving average price is $36.74. 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:MGPIGet Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $121.65 million for the quarter, compared to analysts’ expectations of $119.14 million. During the same quarter last year, the business earned $1.07 EPS. The firm’s revenue was down 28.7% compared to the same quarter last year. Equities research analysts expect that MGP Ingredients will post 5.56 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.48 annualized dividend and a dividend yield of 1.43%. MGP Ingredients’s payout ratio is currently 106.67%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Martin Roper bought 15,000 shares of the business’s stock in a transaction on Thursday, May 8th. The shares were bought at an average price of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the purchase, the director now directly owns 18,180 shares of the company’s stock, valued at approximately $601,758. This trade represents a 471.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Seaberg purchased 5,348 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the purchase, the director now directly owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. The trade was a 1.51% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 29,417 shares of company stock worth $905,556 over the last quarter. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

A number of large investors have recently bought and sold shares of the company. Penserra Capital Management LLC lifted its holdings in MGP Ingredients by 333.3% in the first quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock valued at $26,000 after acquiring an additional 690 shares during the period. GAMMA Investing LLC raised its stake in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares during the last quarter. CWM LLC raised its stake in MGP Ingredients by 127.4% in the 1st quarter. CWM LLC now owns 2,051 shares of the company’s stock valued at $60,000 after purchasing an additional 1,149 shares during the last quarter. Signaturefd LLC raised its stake in MGP Ingredients by 1,055.2% in the 1st quarter. Signaturefd LLC now owns 2,218 shares of the company’s stock valued at $65,000 after purchasing an additional 2,026 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after acquiring an additional 687 shares during the last quarter. Hedge funds and other institutional investors 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.

See Also

Analyst Recommendations for MGP Ingredients (NASDAQ:MGPI)

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