MGP Ingredients, Inc. (NASDAQ:MGPI) Given Consensus Rating of “Moderate Buy” by Brokerages

MGP Ingredients, Inc. (NASDAQ:MGPI) has earned an average rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $50.33.

Several equities research analysts have recently weighed in on the company. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price target for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. Wells Fargo & Company decreased 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 report on Wednesday, April 2nd. Finally, Truist Financial cut their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $29.55 on Wednesday. The firm has a market cap of $628.53 million, a PE ratio of 6.14 and a beta of 0.61. MGP Ingredients has a 52 week low of $25.12 and a 52 week high of $92.52. The firm’s fifty day moving average is $29.86 and its 200-day moving average is $39.16. 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 company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date was Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Insiders Place Their Bets

In other news, Director Karen Seaberg bought 5,348 shares of the stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $32.59 per share, with a total value of $174,291.32. Following the completion of the transaction, the director now directly owns 358,899 shares of the company’s stock, 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 document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of MGP Ingredients in the 3rd quarter worth about $373,000. World Investment Advisors LLC bought a new stake in MGP Ingredients during the 3rd quarter worth approximately $6,100,000. JPMorgan Chase & Co. raised its stake in shares of MGP Ingredients by 201.2% in the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock worth $5,388,000 after purchasing an additional 43,233 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after buying an additional 460 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of MGP Ingredients by 162.0% in the 4th 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. Institutional investors 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.