MGP Ingredients (NASDAQ:MGPI) Trading Up 4.1% After Dividend Announcement

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price traded up 4.1% during trading on Tuesday following a dividend announcement from the company. The stock traded as high as $33.31 and last traded at $33.80. 39,730 shares changed hands during trading, a decline of 90% from the average session volume of 402,534 shares. The stock had previously closed at $32.47.

The newly announced dividend which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s dividend payout ratio (DPR) is currently 31.79%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGPI shares. Roth Mkm reduced their price target 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. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Wells Fargo & Company dropped their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. One research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Performance

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 firm’s fifty day moving average is $35.38 and its 200 day moving average is $55.32. The company has a market cap of $688.51 million, a PE ratio of 6.73 and a beta of 0.57.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors have recently bought and sold shares of the company. 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 valued at $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc raised its stake in MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of 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 in the last quarter. 77.11% of the stock is currently 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.