MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells $22,476.42 in Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 778 shares of MGP Ingredients stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $28.89, for a total value of $22,476.42. Following the completion of the sale, the director now owns 27,131 shares of the company’s stock, valued at $783,814.59. The trade was a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

MGP Ingredients Stock Performance

MGPI opened at $27.09 on Friday. The company has a 50 day simple moving average of $32.07 and a two-hundred day simple moving average of $46.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The firm has a market cap of $576.20 million, a P/E ratio of 5.63 and a beta of 0.61. MGP Ingredients, Inc. has a 1-year low of $25.62 and a 1-year high of $92.52.

MGP Ingredients Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Roth Mkm dropped their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Finally, Wells Fargo & Company dropped their target price on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.00.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of MGP Ingredients by 162.0% during 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 raised 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. PNC Financial Services Group Inc. lifted its holdings in shares of MGP Ingredients by 56.0% in 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 in the last quarter. Quarry LP bought a new position in shares of MGP Ingredients during the fourth quarter worth $75,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in MGP Ingredients by 58.3% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock valued at $79,000 after acquiring an additional 735 shares in the last quarter. 77.11% of the stock is owned by institutional investors.

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.