Analysts Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $67.00

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $67.00.

Several analysts recently issued reports on MGPI shares. Roth Mkm cut their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company cut their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th.

MGP Ingredients Trading Up 1.0 %

Shares of NASDAQ MGPI opened at $30.83 on Tuesday. The company has a market cap of $655.75 million, a price-to-earnings ratio of 6.41 and a beta of 0.57. MGP Ingredients has a 12-month low of $29.84 and a 12-month 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 stock’s 50 day simple moving average is $34.43 and its 200 day simple moving average is $52.82.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 of this dividend is Friday, March 14th. MGP Ingredients’s payout ratio is currently 31.79%.

Insider Activity

In other news, Director Karen Seaberg purchased 5,348 shares of the stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the transaction, the director now owns 358,899 shares in the company, valued at $11,696,518.41. This trade represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

Several hedge funds have recently modified their holdings of MGPI. Farther Finance Advisors LLC increased its position in shares of MGP Ingredients by 45.3% during 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 during the period. Assetmark Inc. grew its holdings in shares of MGP Ingredients by 6.5% in the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock worth $948,000 after acquiring an additional 699 shares during the last quarter. Atria Investments Inc acquired a new position in shares of MGP Ingredients in the 3rd quarter worth $304,000. GSA Capital Partners LLP acquired a new position in shares of MGP Ingredients in the 3rd quarter worth $1,010,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in shares of MGP Ingredients in the 3rd quarter worth $201,000. 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.