BlackRock Fund Advisors recently announced the acquisition of new stake in MGP Ingredients Inc. (NASDAQ:MGPI). The institutional investor has increased its shareholding in the Consumer Defensive company by 17.65% to 2.18 million shares with purchase of 0.33 million shares. This fresh investment now brings its stake to 9.93% valued currently at $232.38 million. In addition, The Vanguard Group, Inc. raised its holdings by 84106.0 to 1.06 million shares. And Dimensional Fund Advisors LP has lifted its position by 2.07% or 13125.0 shares – to 0.65 million shares.
With over 0.47 million MGP Ingredients Inc. (MGPI) shares trading Monday and a closing price of $96.52 on the day, the dollar volume was approximately $44.94 million. The shares have shown a negative half year performance of -2.75% and its price on 01/23/23 lost nearly -5.58%. Currently, there are 22.01M common shares owned by the public and among those 12.75M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for MGPI have a consensus price objective of $126.57. The analysts have set the share’s price value over the next 12 months at a high of $140.00 and a low of $115.00. The average price target is 23.74% above its recent price level and an upside to the estimated low will see the stock gain 16.07% over that period. But an upside of 31.06% will see the stock hit the forecast high price target while median target price for the stock is $125.00.
Insiders at the company have transacted a total of 66 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 96,758 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 41,294 shares.
The top 3 mutual fund holders in MGP Ingredients Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Explorer Fund. iShares Core S&P Small Cap ETF owns 1.14 million shares of the company’s stock, all valued at over $121.16 million. The company sold 808.0 shares recently to bring their total holdings to about 5.18% of the shares outstanding. Vanguard Total Stock Market Index bought 3134.0 shares to see its total holdings expand to 0.44 million shares valued at over $46.78 million and representing 2.00% of the shares outstanding. Vanguard Explorer Fund sold -0.11 million shares to bring its total holdings to over 0.41 million shares at a value of $43.21 million. Vanguard Explorer Fund now owns shares totaling to 1.85% of the shares outstanding.
Shares of MGP Ingredients Inc. (NASDAQ: MGPI) opened at $101.83, down -$0.39 from a prior closing price of $102.22. However, the script later moved the day high at 101.83, down -5.58%. The company’s stock has a 5-day price change of -7.69% and -4.28% over the past three months. MGPI shares are trading -9.27% year to date (YTD), with the 12-month market performance up to 23.95% higher. It has a 12-month low price of $73.02 and touched a high of $125.74 over the same period. MGPI has an average intraday trading volume of 111.28K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.86%, -14.05%, and -7.66% respectively.
Institutional ownership of MGP Ingredients Inc. (NASDAQ: MGPI) shares accounts for 81.70% of the company’s 22.01M shares outstanding. Mutual fund holders own 42.65%, while other institutional holders and individual stakeholders account for 59.20% and 38.13% respectively.
It has a market capitalization of $2.07B and a beta (3y monthly) value of 0.94. The stock’s trailing 12-month PE ratio is 18.26, while the earnings-per-share (ttm) stands at $5.29. The company has a PEG of 1.83 and a Quick Ratio of 1.60 with the debt-to-equity ratio at 0.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.52% over the week and 3.25% over the month.
Analysts forecast that MGP Ingredients Inc. (MGPI) will achieve an EPS of $0.95 for the current quarter, $0.88 for the next quarter and $4.99 for 2023. The lowest estimate earnings-per-share for the quarter is $0.9 while analysts give the company a high EPS estimate of $1.05. Comparatively, EPS for the current quarter was $1.09 a year ago. Earnings per share for the fiscal year are expected to increase by 82.40%, and 6.24% over the next financial year. EPS should shrink at an annualized rate of 10.00% over the next five years, compared to 18.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate MGP Ingredients Inc. (MGPI) as a “Strong Buy” at a consensus score of 1.90. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MGPI, a number of firms have released research notes about the stock. Wedbush stated their Outperform rating for the stock in a research note on October 11, 2022, with the firm’s price target at $125. Wells Fargo coverage for the MGP Ingredients Inc. (MGPI) stock in a research note released on August 15, 2022 offered a Overweight rating with a price target of $126. ROTH Capital was of a view on June 30, 2022 that the stock is Buy, while Lake Street gave the stock Buy rating on February 22, 2022, issuing a price target of $100. Cowen on their part issued Outperform rating on January 21, 2022.