MGP Ingredients (NASDAQ:MGPI) Price Target Raised to $20.00

by · The Cerbat Gem

MGP Ingredients (NASDAQ:MGPI – Free Report) had its price objective upped by Wells Fargo & Company from $17.00 to $20.00 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

MGPI has been the subject of a number of other reports. TD Cowen boosted their price objective on MGP Ingredients from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MGP Ingredients in a report on Friday, July 31st. Finally, Roth Capital lowered their price target on shares of MGP Ingredients from $32.00 to $30.00 and set a “buy” rating for the company in a report on Friday, October 16th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $26.25.

Get Our Latest Stock Analysis on MGPI

MGP Ingredients Trading Down 0.5%

NASDAQ:MGPI opened at $17.12 on Thursday. The firm has a market cap of $366.71 million, a PE ratio of -1.47 and a beta of 0.49. The stock has a fifty day moving average price of $15.00 and a 200 day moving average price of $18.33. MGP Ingredients has a 12-month low of $12.42 and a 12-month high of $26.62. The company has a current ratio of 6.91, a quick ratio of 1.65 and a debt-to-equity ratio of 0.56.

MGP Ingredients (NASDAQ:MGPI – Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. MGP Ingredients had a positive return on equity of 6.58% and a negative net margin of 51.12%. The firm had revenue of $117.91 million during the quarter, compared to analysts’ expectations of $119.70 million. During the same period in the previous year, the firm posted $0.85 EPS. MGP Ingredients’s revenue for the quarter was down 9.9% on a year-over-year basis. Sell-side analysts anticipate that MGP Ingredients will post 1.70 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, November 13th. MGP Ingredients’s dividend payout ratio (DPR) is -4.12%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, insider Leslie Lux sold 27,731 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $14.40, for a total value of $399,326.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Lux sold 33,000 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $17.76, for a total transaction of $586,080.00. Following the completion of the transaction, the insider owned 550,458 shares of the company’s stock, valued at approximately $9,776,134.08. The trade was a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. 31.70% of the stock is owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of MGP Ingredients during the second quarter worth approximately $22,258,000. Dimensional Fund Advisors LP raised its holdings in MGP Ingredients by 11.6% during the first quarter. Dimensional Fund Advisors LP now owns 760,128 shares of the company’s stock worth $13,979,000 after purchasing an additional 78,849 shares in the last quarter. Tieton Capital Management LLC purchased a new stake in MGP Ingredients in the 2nd quarter valued at approximately $11,252,000. Allspring Global Investments Holdings LLC acquired a new position in MGP Ingredients during the 1st quarter worth approximately $3,064,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in MGP Ingredients during the 1st quarter worth approximately $2,725,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.

About MGP Ingredients

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MGP Ingredients, Inc (NASDAQ: MGPI) is a producer and marketer of distilled spirits and specialty food and beverage ingredients. The company operates distilleries and processing facilities that manufacture bourbon, rye whiskey, vodka, gin, tequila and other distilled products, as well as grain-based alcohol and related ingredients.

The company serves customers through both its Distilling Solutions and Branded Spirits businesses. Its branded portfolio includes products such as Ezra Brooks, Yellowstone, Daviess County, El Mayor and Everclear, while its distilling operations supply spirits and alcohol to beverage companies and other commercial customers.

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