MGP Ingredients (NASDAQ:MGPI) Stock Price Down 6.4% – Should You Sell?

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) were down 6.4% during mid-day trading on Tuesday . The company traded as low as $31.37 and last traded at $31.39. Approximately 247,633 shares traded hands during trading, a decline of 16% from the average daily volume of 293,063 shares. The stock had previously closed at $33.55.

Analyst Ratings Changes

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

MGP Ingredients Stock Performance

The firm has a market capitalization of $655.75 million, a P/E ratio of 6.41 and a beta of 0.57. The company’s 50 day moving average is $34.43 and its 200-day moving average is $52.82. 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 Dividend Announcement

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

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. This trade represents a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares during the last quarter. Versant Capital Management Inc increased its holdings in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in 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 last quarter. First Horizon Advisors Inc. increased its holdings in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after buying an additional 322 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings 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 worth $75,000 after buying an additional 687 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.