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

MGP Ingredients, Inc. (NASDAQ:MGPI) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $29.80 and last traded at $30.13, with a volume of 53468 shares. The stock had previously closed at $30.26.

Analysts Set New Price Targets

Several research analysts recently issued reports on MGPI shares. StockNews.com cut 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 lowered their price target for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Roth Mkm lowered their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Finally, Wells Fargo & Company lowered 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Stock Down 2.3 %

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

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred 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 transaction, the director now 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

A number of large investors have recently bought and sold shares of the stock. PharVision Advisers LLC purchased a new position in MGP Ingredients during the fourth quarter worth approximately $316,000. Voloridge Investment Management LLC purchased a new position in MGP Ingredients during the fourth quarter worth approximately $12,932,000. Two Sigma Advisers LP raised its stake in MGP Ingredients by 4.1% during the fourth quarter. Two Sigma Advisers LP now owns 122,800 shares of the company’s stock worth $4,835,000 after purchasing an additional 4,800 shares during the period. Sherbrooke Park Advisers LLC purchased a new position in MGP Ingredients during the fourth quarter worth approximately $328,000. Finally, Point72 Asia Singapore Pte. Ltd. raised 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 worth $79,000 after purchasing an additional 735 shares during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.