MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $66.00 Consensus PT from Brokerages

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have received an average recommendation of “Moderate Buy” from the six analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $66.00.

MGPI has been the subject of a number of recent research reports. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Roth Mkm cut 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. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company reduced their target price on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $28.82 on Friday. The firm has a market cap of $613.00 million, a PE ratio of 5.99 and a beta of 0.61. 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 has a one year low of $25.12 and a one year high of $92.52. The stock’s fifty day moving average price is $31.20 and its two-hundred day moving average price is $44.30.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.67%. MGP Ingredients’s payout ratio is presently 31.79%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction on Thursday, March 13th. The stock was 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP purchased a new stake in MGP Ingredients during the fourth quarter valued at $28,388,000. Raymond James Financial Inc. bought a new position in shares of MGP Ingredients during the 4th quarter valued at approximately $13,125,000. Voloridge Investment Management LLC purchased a new stake in MGP Ingredients in the 4th quarter worth approximately $12,932,000. Cubist Systematic Strategies LLC purchased a new stake in shares of MGP Ingredients in the fourth quarter worth $7,164,000. Finally, Assenagon Asset Management S.A. raised its holdings in MGP Ingredients by 1,292.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after acquiring an additional 175,142 shares during the period. Hedge funds and other institutional investors 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.