MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low – Here’s What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price reached a new 52-week low on Friday . The stock traded as low as $29.80 and last traded at $30.13, with a volume of 53468 shares changing hands. The stock had previously closed at $30.26.

Analyst Ratings Changes

MGPI has been the subject of several research reports. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their target price for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Wells Fargo & Company dropped their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Roth Mkm dropped their target price 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. 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. According to data from MarketBeat, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Trading Down 2.3 %

The company’s 50 day simple moving average is $33.54 and its 200 day simple moving average is $49.93. The firm has a market cap of $628.53 million, a price-to-earnings ratio of 6.14 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.12 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.62%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 28,304 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the transaction, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC grew its stake 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 lifted its position in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after acquiring an additional 460 shares during the last quarter. First Horizon Advisors Inc. lifted its position in MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after acquiring an additional 687 shares during the last quarter. Finally, Quarry LP purchased a new stake in MGP Ingredients in the fourth quarter valued at $75,000. 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.