MGP Ingredients (NASDAQ:MGPI) Sets New 12-Month Low at $46.23

MGP Ingredients Inc (NASDAQ:MGPI)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $46.23 and last traded at $46.51, with a volume of 100709 shares traded. The stock had previously closed at $47.61.

A number of equities analysts recently commented on MGPI shares. Craig Hallum reiterated a “buy” rating and set a $100.00 price objective (down previously from $105.00) on shares of MGP Ingredients in a research report on Wednesday, July 31st. Zacks Investment Research upgraded MGP Ingredients from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Saturday, August 3rd. ValuEngine downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, June 17th. Finally, BidaskClub downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $83.67.

The stock has a market cap of $810.56 million, a PE ratio of 21.71 and a beta of 1.73. The company has a quick ratio of 1.59, a current ratio of 5.26 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $60.20 and a 200 day moving average of $69.76.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). MGP Ingredients had a return on equity of 18.75% and a net margin of 10.00%. The company had revenue of $90.50 million for the quarter, compared to analysts’ expectations of $91.54 million. During the same quarter in the previous year, the business posted $0.44 EPS. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts forecast that MGP Ingredients Inc will post 2.65 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Wednesday, August 14th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.85%. MGP Ingredients’s payout ratio is 18.43%.

In other MGP Ingredients news, insider Augustus C. Griffin bought 2,500 shares of MGP Ingredients stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $47.75 per share, for a total transaction of $119,375.00. Following the completion of the transaction, the insider now directly owns 118,630 shares of the company’s stock, valued at $5,664,582.50. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 24.26% of the company’s stock.

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in MGP Ingredients by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock valued at $41,840,000 after acquiring an additional 3,196 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in MGP Ingredients by 47.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 3,677 shares of the company’s stock valued at $284,000 after acquiring an additional 1,183 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new stake in MGP Ingredients during the 1st quarter valued at approximately $247,000. BNP Paribas Arbitrage SA raised its stake in MGP Ingredients by 628.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,132 shares of the company’s stock valued at $242,000 after acquiring an additional 2,702 shares during the last quarter. Finally, AMI Asset Management Corp raised its stake in MGP Ingredients by 30.1% during the 1st quarter. AMI Asset Management Corp now owns 152,175 shares of the company’s stock valued at $11,740,000 after acquiring an additional 35,234 shares during the last quarter. Institutional investors own 98.10% of the company’s stock.

MGP Ingredients Company Profile (NASDAQ:MGPI)

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.

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