MGP Ingredients (NASDAQ:MGPI) Reaches New 1-Year Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low during trading 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.

Wall Street Analysts Forecast Growth

MGPI has been the subject of several research reports. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Roth Mkm decreased their price target 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. Finally, Wells Fargo & Company decreased their price target 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. One 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Performance

The stock has a market capitalization of $642.72 million, a P/E ratio of 6.28 and a beta of 0.57. The company’s 50-day moving average is $33.64 and its two-hundred day moving average is $50.61. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at $8,739,596.58. This trade represents a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 36.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGPI. GAMMA Investing LLC increased 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 acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc increased 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 buying an additional 460 shares during the period. First Horizon Advisors Inc. increased its stake in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares during the period. PNC Financial Services Group Inc. increased its stake in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after buying an additional 687 shares during the period. Finally, Quarry LP acquired a new position in MGP Ingredients in the 4th quarter valued at approximately $75,000. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.