MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $95.00 at Truist Financial

MGP Ingredients (NASDAQ:MGPI) had its target price cut by Truist Financial from $125.00 to $95.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on MGPI. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Roth Mkm reissued a “buy” rating and set a $92.00 price target on shares of MGP Ingredients in a research report on Thursday, July 25th.

MGP Ingredients Trading Up 0.3 %

Shares of MGPI opened at $80.43 on Wednesday. MGP Ingredients has a 52-week low of $68.86 and a 52-week high of $103.04. The stock has a market cap of $1.77 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59. The firm’s fifty day moving average is $84.63 and its two-hundred day moving average is $80.30. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million during the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter in the prior year, the company earned $1.49 EPS. MGP Ingredients’s revenue was down 8.7% compared to the same quarter last year. Research analysts forecast that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

Insider Buying and Selling

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

Hedge Funds Weigh In On MGP Ingredients

Several large investors have recently made changes to their positions in the stock. nVerses Capital LLC raised its position in MGP Ingredients by 118.2% in the third quarter. nVerses Capital LLC now owns 2,400 shares of the company’s stock valued at $200,000 after purchasing an additional 1,300 shares during the period. ZWJ Investment Counsel Inc. grew its stake in shares of MGP Ingredients by 2.5% in the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after buying an additional 7,042 shares in the last quarter. Creative Planning raised its holdings in shares of MGP Ingredients by 66.3% in the 3rd quarter. Creative Planning now owns 13,145 shares of the company’s stock valued at $1,094,000 after buying an additional 5,241 shares during the period. Diversified Trust Co lifted its stake in MGP Ingredients by 4.7% during the 3rd quarter. Diversified Trust Co now owns 15,125 shares of the company’s stock worth $1,259,000 after acquiring an additional 675 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in MGP Ingredients by 19.4% during the 3rd quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock valued at $281,000 after acquiring an additional 549 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

About MGP Ingredients

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.