MGP Ingredients (NASDAQ:MGPI) Sees Unusually-High Trading Volume – Time to Buy?

by · The Cerbat Gem

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI – Get Free Report) saw unusually-high trading volume on Monday . Approximately 446,799 shares changed hands during trading, an increase of 114% from the previous session’s volume of 208,527 shares.The stock last traded at $60.13 and had previously closed at $61.86.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial reduced their target price on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research report on Friday. Roth Mkm reduced their target price on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a report on Friday. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.60.

Check Out Our Latest Report on MGPI

MGP Ingredients Stock Performance

The business’s fifty day moving average is $84.13 and its 200-day moving average is $80.11. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The company has a market cap of $1.29 billion, a PE ratio of 14.21, a P/E/G ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.17. The business had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.49 EPS. As a group, research analysts predict that MGP Ingredients, Inc. will post 6.25 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s dividend payout ratio (DPR) is currently 11.09%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

Hedge funds and other institutional investors have recently modified their holdings of the company. Covestor Ltd boosted its holdings in MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after buying an additional 150 shares during the period. Texas Permanent School Fund Corp boosted its stake in shares of MGP Ingredients by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock worth $1,178,000 after acquiring an additional 177 shares during the period. Louisiana State Employees Retirement System grew its position in shares of MGP Ingredients by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock worth $588,000 after purchasing an additional 200 shares in the last quarter. ProShare Advisors LLC grew its holdings in MGP Ingredients by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after buying an additional 220 shares in the last quarter. Finally, CWM LLC grew its holdings in 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 buying an additional 325 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients Company Profile

(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.

Featured Stories