Insider Selling: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells 7,050 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were 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 filing with the Securities & Exchange Commission, which can be accessed through this link.

MGP Ingredients Stock Down 2.7 %

Shares of NASDAQ:MGPI opened at $45.50 on Friday. The stock has a market capitalization 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. MGP Ingredients, Inc. has a 1-year low of $44.96 and a 1-year high of $102.42. The company’s fifty day moving average is $66.96 and its two-hundred day moving average is $75.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same period in the prior year, the company earned $1.34 earnings per share. The firm’s revenue was down 23.7% compared to the same quarter last year. Equities 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. Investors of record on Friday, November 15th will be issued a $0.12 dividend. 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 (DPR) is presently 9.98%.

Institutional Trading of MGP Ingredients

A number of large investors have recently modified their holdings of the company. Covestor Ltd increased its holdings in shares of MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after acquiring an additional 150 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of MGP Ingredients by 2.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock worth $588,000 after acquiring an additional 200 shares during the period. ProShare Advisors LLC increased its holdings in shares of MGP Ingredients by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after acquiring an additional 220 shares during the period. Finally, First Horizon Advisors Inc. increased its holdings in shares of MGP Ingredients by 73.5% in 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. Institutional investors and hedge funds own 77.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MGPI shares. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial cut their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Roth Mkm dropped their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

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.