MGP Ingredients (NASDAQ:MGPI) Trading Down 3.1% – Time to Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price fell 3.1% during mid-day trading on Monday . The stock traded as low as $27.14 and last traded at $27.43. 200,422 shares were traded during trading, a decline of 37% from the average session volume of 320,536 shares. The stock had previously closed at $28.30.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MGPI. Roth Mkm lowered their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Wells Fargo & Company reduced their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, MGP Ingredients has a consensus rating of “Moderate Buy” and a consensus target price of $66.00.

MGP Ingredients Price Performance

The firm has a market cap of $577.48 million, a P/E ratio of 5.64 and a beta of 0.61. The firm’s fifty day simple moving average is $30.97 and its 200 day simple moving average is $43.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg bought 5,348 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the transaction, the director now owns 358,899 shares in the company, valued at $11,696,518.41. This trade represents a 1.51 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 36.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

Several large investors have recently added to or reduced their stakes in MGPI. Wasatch Advisors LP purchased a new position in shares of MGP Ingredients during the fourth quarter valued at $28,388,000. Raymond James Financial Inc. purchased a new stake in shares of MGP Ingredients during the 4th quarter worth $13,125,000. Voloridge Investment Management LLC bought a new stake in MGP Ingredients during the fourth quarter valued at about $12,932,000. Cubist Systematic Strategies LLC purchased a new position in MGP Ingredients in the fourth quarter valued at about $7,164,000. Finally, Assenagon Asset Management S.A. raised its holdings in MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock worth $7,429,000 after purchasing an additional 175,142 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.