MGP Ingredients (NASDAQ:MGPI) Sets New 1-Year Low – Here’s What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $28.10 and last traded at $28.04, with a volume of 145050 shares. The stock had previously closed at $29.38.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price objective for the company from $55.00 to $45.00 in a research note 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 for the company in a report on Tuesday, January 7th. Finally, Roth Mkm cut their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

MGP Ingredients Stock Down 2.7 %

The company has a market capitalization of $608.19 million, a price-to-earnings ratio of 5.92 and a beta of 0.57. The firm’s 50-day simple moving average is $32.72 and its two-hundred day simple moving average is $47.34. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 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 1.68%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients’s payout ratio is currently 31.79%.

Insider Buying and Selling

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

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc grew its stake in 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 purchasing an additional 460 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after purchasing an additional 687 shares during the last quarter. Quarry LP bought a new position in shares of MGP Ingredients in the 4th quarter worth about $75,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in MGP Ingredients by 58.3% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after acquiring an additional 735 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Company Profile

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.