MGP Ingredients (NASDAQ:MGPI) Trading 5.5% Higher – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) was up 5.5% during mid-day trading on Monday . The stock traded as high as $36.74 and last traded at $36.57. Approximately 248,404 shares were traded during trading, a decline of 43% from the average daily volume of 434,974 shares. The stock had previously closed at $34.65.

Analyst Ratings Changes

Several analysts recently issued reports on MGPI shares. Roth Mkm reduced their price target 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. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Loop Capital set a $75.00 price target 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 note on Friday, November 1st. Finally, Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus price target of $71.29.

MGP Ingredients Stock Performance

The firm has a market cap of $775.16 million, a P/E ratio of 7.34, a P/E/G ratio of 0.74 and a beta of 0.65. The company’s 50 day moving average is $43.69 and its 200 day moving average is $66.15. 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 quarterly earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for 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%. MGP Ingredients’s revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 earnings per share. As a group, equities analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.36%. MGP Ingredients’s payout ratio is 9.98%.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

Hedge funds and other institutional investors have recently bought and sold shares of the stock. ZWJ Investment Counsel Inc. increased its stake in 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 purchasing an additional 7,042 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of MGP Ingredients during the third quarter worth about $1,010,000. MML Investors Services LLC increased its position in shares of MGP Ingredients by 28.2% during the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after acquiring an additional 1,083 shares in the last quarter. NFJ Investment Group LLC bought a new stake in shares of MGP Ingredients during the third quarter worth about $3,181,000. Finally, Envestnet Asset Management Inc. increased its position in shares of MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after acquiring an additional 19,203 shares in the last quarter. 77.11% of the stock is owned by institutional investors.

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.