MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $67.00 Average Price Target from Analysts

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $67.00.

Several brokerages have weighed in on MGPI. Roth Mkm decreased their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and reduced their target price for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, Wells Fargo & Company reduced 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 note on Tuesday, January 7th.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $32.42 on Tuesday. The company’s fifty day simple moving average is $34.00 and its 200-day simple moving average is $51.30. MGP Ingredients has a 52 week low of $29.84 and a 52 week high of $92.52. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market cap of $689.57 million, a PE ratio of 6.74 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Insider Buying and Selling

In related news, Director Karen Seaberg acquired 5,348 shares of the stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the transaction, the director now owns 358,899 shares of the company’s stock, valued at $11,696,518.41. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

Several institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC boosted its stake in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of MGP Ingredients by 162.0% in the fourth 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 lifted its position in shares of 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. First Horizon Advisors Inc. lifted its position in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares in the last quarter. Finally, Point72 DIFC Ltd increased its holdings in MGP Ingredients by 2,375.6% during the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after buying an additional 974 shares during the last quarter. Institutional investors and hedge funds 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.