MGP Ingredients (NASDAQ:MGPI) Stock Price Down 3.1% – Here’s What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI) shares dropped 3.1% on Wednesday . The company traded as low as $30.52 and last traded at $30.60. Approximately 51,689 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 298,368 shares. The stock had previously closed at $31.57.

Analyst Ratings Changes

MGPI has been the topic of a number of research reports. Roth Mkm lowered their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Wells Fargo & Company lowered their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, MGP Ingredients currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Stock Performance

The stock has a 50-day simple moving average of $33.90 and a 200-day simple moving average of $50.90. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock has a market cap of $642.57 million, a PE ratio of 6.28 and a beta of 0.57.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s dividend payout ratio is presently 31.79%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the transaction, the director now owns 283,569 shares in the company, valued at $8,739,596.58. The trade was a 9.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Horizon Advisors Inc. lifted its stake in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares in the last quarter. Isthmus Partners LLC lifted its stake in shares of MGP Ingredients by 1.8% in the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock worth $1,511,000 after acquiring an additional 684 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after buying an additional 687 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.