Insider Buying: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Acquires 5,348 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg bought 5,348 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $32.59 per share, with a total value of $174,291.32. Following the acquisition, the director now directly owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. The trade was a 1.51 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Karen Seaberg also recently made the following trade(s):

• On Thursday, March 13th, Karen Seaberg sold 28,304 shares of MGP Ingredients stock. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28.

MGP Ingredients Stock Performance

NASDAQ MGPI opened at $30.83 on Friday. The company has a market capitalization of $655.75 million, a price-to-earnings ratio of 6.41 and a beta of 0.57. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a twelve month low of $29.84 and a twelve month high of $92.52. The stock has a fifty day simple moving average of $34.43 and a 200 day simple moving average of $52.82.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.56%. MGP Ingredients’s payout ratio is 31.79%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its position in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the period. First Horizon Advisors Inc. boosted its position in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares during the last quarter. GAMMA Investing LLC boosted its position in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares during the last quarter. Versant Capital Management Inc grew its holdings in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the period. Finally, Isthmus Partners LLC raised its position in shares of MGP Ingredients by 1.8% in the 4th 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. 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.