MGP Ingredients (NASDAQ:MGPI) Sees Large Volume Increase – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI) shares saw an uptick in trading volume on Thursday . 394,024 shares were traded during mid-day trading, an increase of 78% from the previous session’s volume of 221,527 shares.The stock last traded at $51.02 and had previously closed at $56.31.

Analyst Ratings Changes

A number of research firms recently weighed in on MGPI. Truist Financial dropped their price target on MGP Ingredients from $95.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Roth Mkm cut their target price on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, MGP Ingredients has a consensus rating of “Hold” and an average price target of $88.60.

MGP Ingredients Stock Down 10.9 %

The company has a market cap of $1.10 billion, a P/E ratio of 11.90, a PEG ratio of 0.93 and a beta of 0.59. The stock has a 50-day moving average of $79.47 and a 200 day moving average of $78.85. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.54 by $0.17. The firm had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period last year, the firm earned $1.49 EPS. Research analysts anticipate that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 dividend on an annualized basis and a yield of 0.96%. MGP Ingredients’s dividend payout ratio (DPR) is 11.11%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the sale, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. CWM LLC grew its holdings in shares of MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. LRI Investments LLC bought a new stake in shares of MGP Ingredients during the first quarter worth $43,000. Innealta Capital LLC acquired a new position in shares of MGP Ingredients during the second quarter worth $42,000. Farther Finance Advisors LLC lifted its stake 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 valued at $50,000 after acquiring an additional 186 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds 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.