Roth Mkm Cuts MGP Ingredients (NASDAQ:MGPI) Price Target to $60.00

MGP Ingredients (NASDAQ:MGPI) had its price target reduced by Roth Mkm from $65.00 to $60.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on MGPI. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial cut their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, MGP Ingredients has an average rating of “Moderate Buy” and a consensus target price of $75.83.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI opened at $39.85 on Monday. 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 has a 52-week low of $38.65 and a 52-week high of $102.42. The stock has a market cap of $874.83 million, a price-to-earnings ratio of 8.28, a PEG ratio of 0.74 and a beta of 0.63. The business has a 50-day moving average price of $48.90 and a 200-day moving average price of $69.72.

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 company 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%. MGP Ingredients’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period last year, the firm posted $1.34 EPS. Equities analysts predict that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.20%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 36.20% of the stock is owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA acquired a new stake in MGP Ingredients in the 2nd quarter valued at about $22,028,000. Ariel Investments LLC boosted its holdings in MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after purchasing an additional 248,076 shares during the last quarter. FMR LLC grew its stake in shares of MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after buying an additional 137,292 shares during the period. State Street Corp raised its position in shares of MGP Ingredients by 22.4% during the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after buying an additional 131,542 shares during the period. Finally, Portolan Capital Management LLC purchased a new position in MGP Ingredients in the third quarter worth approximately $6,777,000. Hedge funds and other institutional investors 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.