MGP Ingredients (NASDAQ:MGPI) Stock Price Down 6.4% – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price dropped 6.4% on Tuesday . The stock traded as low as $31.37 and last traded at $31.39. Approximately 247,633 shares were traded during trading, a decline of 16% from the average daily volume of 293,063 shares. The stock had previously closed at $33.55.

Wall Street Analyst Weigh In

MGPI has been the topic of several recent research reports. Wells Fargo & Company reduced their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a 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, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Performance

The stock has a 50 day simple moving average of $34.87 and a 200 day simple moving average of $53.79. 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 company has a market cap of $668.52 million, a price-to-earnings ratio of 6.53 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 1.53%. MGP Ingredients’s dividend payout ratio (DPR) is presently 31.79%.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the last quarter. GAMMA Investing LLC grew its stake in MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc increased its holdings in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after purchasing an additional 460 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of 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 purchasing an additional 322 shares in the last quarter. Finally, Point72 DIFC Ltd boosted its stake in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after buying an additional 974 shares during the last quarter. Institutional investors and hedge funds 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.