Lori L.S. Mingus Sells 7,050 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

MGP Ingredients Trading Down 2.7 %

Shares of MGPI stock opened at $45.50 on Friday. The stock has a market cap of $998.73 million, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. 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, Inc. has a fifty-two week low of $44.96 and a fifty-two week high of $102.42. The firm’s 50 day moving average price is $66.96 and its two-hundred day moving average price is $75.42.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations 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 was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 earnings per share. On average, analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Roth Mkm decreased their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Finally, Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th. 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, the company has an average rating of “Moderate Buy” and a consensus price target of $76.67.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently made changes to their positions in the company. Covestor Ltd raised its stake in shares of 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 purchasing an additional 150 shares during the period. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of MGP Ingredients by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after purchasing an additional 200 shares during the period. ProShare Advisors LLC raised its stake in shares of MGP Ingredients by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after purchasing an additional 220 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in shares of MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the period. 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.