MGP Ingredients (NASDAQ:MGPI) Stock Price Up 6.9% – Time to Buy?

MGP Ingredients, Inc. (NASDAQ:MGPI) shot up 6.9% during trading on Friday . The stock traded as high as $26.34 and last traded at $26.4060. 201,351 shares changed hands during trading, a decline of 35% from the average session volume of 309,429 shares. The stock had previously closed at $24.70.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $38.00 to $33.00 and set an “overweight” rating on the stock in a report on Thursday, September 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGP Ingredients in a report on Wednesday, October 8th. Finally, TD Cowen reduced their price target on MGP Ingredients from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, October 30th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

MGP Ingredients Price Performance

The company has a quick ratio of 0.69, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $557.90 million, a PE ratio of -39.11 and a beta of 0.39. The firm’s 50 day simple moving average is $24.17 and its 200 day simple moving average is $27.66.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Wednesday, October 29th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.23. The firm had revenue of $130.91 million during the quarter, compared to analyst estimates of $128.33 million. MGP Ingredients had a negative net margin of 2.56% and a positive return on equity of 9.65%. The business’s revenue was down 18.9% on a year-over-year basis. During the same quarter last year, the business earned $1.29 EPS. MGP Ingredients has set its FY 2025 guidance at 2.600-2.750 EPS. As a group, research analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, November 14th. MGP Ingredients’s dividend payout ratio (DPR) is currently -71.64%.

Insider Buying and Selling

In other MGP Ingredients news, major shareholder Caroline Lux Kaplan sold 30,000 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $23.85, for a total value of $715,500.00. Following the sale, the insider 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 34.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of large investors have recently added to or reduced their stakes in MGPI. Virtus Advisers LLC purchased a new position in shares of MGP Ingredients in the 3rd quarter worth approximately $433,000. Verition Fund Management LLC raised its stake in shares of MGP Ingredients by 39.1% in the third quarter. Verition Fund Management LLC now owns 47,016 shares of the company’s stock worth $1,137,000 after purchasing an additional 13,225 shares during the last quarter. Mairs & Power Inc. lifted its holdings in shares of MGP Ingredients by 0.4% during the third quarter. Mairs & Power Inc. now owns 176,393 shares of the company’s stock worth $4,267,000 after purchasing an additional 619 shares during the period. Millennium Management LLC lifted its holdings in shares of MGP Ingredients by 74.1% during the third quarter. Millennium Management LLC now owns 28,621 shares of the company’s stock worth $692,000 after purchasing an additional 12,183 shares during the period. Finally, Brevan Howard Capital Management LP boosted its position in MGP Ingredients by 60.7% in the third quarter. Brevan Howard Capital Management LP now owns 39,706 shares of the company’s stock valued at $960,000 after buying an additional 14,996 shares during the last quarter. 77.11% of the stock is currently 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.