MGP Ingredients (NASDAQ:MGPI) Shares Down 3.5% – Should You Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price was down 3.5% during trading on Friday . The stock traded as low as $37.75 and last traded at $37.81. Approximately 27,820 shares traded hands during trading, a decline of 81% from the average daily volume of 144,771 shares. The stock had previously closed at $39.18.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Roth Mkm reduced their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.83.

MGP Ingredients Stock Performance

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 has a 50 day moving average of $46.13 and a 200 day moving average of $68.30. The stock has a market capitalization of $855.29 million, a P/E ratio of 8.10, a P/E/G ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 EPS 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 analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 earnings per share. Equities analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.12 per share. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.23%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after buying an additional 431 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the period. Isthmus Partners LLC grew its holdings in shares of MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares in the last quarter. Farther Finance Advisors LLC raised its position in 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 buying an additional 186 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in 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 during the period. 77.11% of the stock is currently owned by 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.