Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $40.00

by · The Cerbat Gem

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $40.00.

A number of equities research analysts have recently issued reports on the stock. TD Cowen lowered their price target on shares of MGP Ingredients from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, October 30th. Wells Fargo & Company dropped their price target on MGP Ingredients from $38.00 to $33.00 and set an “overweight” rating for the company in a research report on Thursday, September 25th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of MGP Ingredients in a research report on Wednesday, October 8th.

Read Our Latest Stock Analysis on MGPI

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 81,616 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $25.84, for a total value of $2,108,957.44. Following the completion of the sale, the director owned 35,285 shares of the company’s stock, valued at $911,764.40. This represents a 69.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Caroline Lux Kaplan sold 30,000 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $23.85, for a total transaction of $715,500.00. Following the transaction, the insider directly owned 560,958 shares in the company, valued at $13,378,848.30. This trade represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 334,535 shares of company stock valued at $8,224,668 in the last 90 days. 34.40% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in MGP Ingredients by 8.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,222,672 shares of the company’s stock worth $29,576,000 after purchasing an additional 99,995 shares during the period. Federated Hermes Inc. grew its holdings in shares of MGP Ingredients by 32.8% in the third quarter. Federated Hermes Inc. now owns 987,123 shares of the company’s stock worth $23,879,000 after purchasing an additional 243,909 shares during the last quarter. Ariel Investments LLC grew its holdings in shares of MGP Ingredients by 14.9% in the second quarter. Ariel Investments LLC now owns 719,144 shares of the company’s stock worth $21,553,000 after purchasing an additional 93,086 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of MGP Ingredients by 13.3% in the second quarter. Ameriprise Financial Inc. now owns 400,896 shares of the company’s stock worth $12,015,000 after buying an additional 46,978 shares during the period. Finally, Millennium Management LLC raised its holdings in MGP Ingredients by 116.6% during the 1st quarter. Millennium Management LLC now owns 359,813 shares of the company’s stock valued at $10,571,000 after buying an additional 193,660 shares during the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Trading Down 1.3%

NASDAQ:MGPI opened at $26.01 on Tuesday. MGP Ingredients has a 1 year low of $21.67 and a 1 year high of $46.90. The stock’s fifty day moving average price is $24.28 and its two-hundred day moving average price is $27.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 0.69. The company has a market cap of $553.75 million, a P/E ratio of -38.82 and a beta of 0.39.

MGP Ingredients (NASDAQ:MGPI – Get Free Report) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.23. MGP Ingredients had a positive return on equity of 9.65% and a negative net margin of 2.56%.The company had revenue of $130.91 million during the quarter, compared to analysts’ expectations of $128.33 million. During the same period in the previous year, the business earned $1.29 earnings per share. The firm’s quarterly revenue was down 18.9% compared to the same quarter last year. MGP Ingredients has set its FY 2025 guidance at 2.600-2.750 EPS. As a group, analysts expect that MGP Ingredients will post 5.56 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, November 14th. MGP Ingredients’s dividend payout ratio is presently -71.64%.

About MGP Ingredients

(Get Free Report)

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.

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