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

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 trading hands. The stock had previously closed at $30.26.

Analyst Upgrades and Downgrades

MGPI has been the topic of several analyst reports. Roth Mkm dropped 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 note on Monday, December 23rd. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and reduced their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company reduced their price objective 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 given a buy rating to the stock. Based on data from MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus target price of $67.00.

MGP Ingredients Stock Down 0.1 %

The firm has a market cap of $642.72 million, a price-to-earnings ratio of 6.28 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The business’s 50-day moving average is $33.64 and its 200-day moving average is $50.61.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date is Friday, March 14th. 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 the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. This trade represents a 9.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGPI. Wasatch Advisors LP acquired a new stake in MGP Ingredients in the 4th quarter valued at about $28,388,000. Raymond James Financial Inc. acquired a new stake in MGP Ingredients in the 4th quarter valued at about $13,125,000. Voloridge Investment Management LLC bought a new position in shares of MGP Ingredients in the 4th quarter valued at about $12,932,000. Massachusetts Financial Services Co. MA boosted its stake in shares of MGP Ingredients by 67.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock valued at $41,261,000 after purchasing an additional 199,550 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of MGP Ingredients in the 4th quarter valued at about $7,164,000. 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.