Insider Selling: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells 778 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 778 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $28.89, for a total value of $22,476.42. Following the completion of the sale, the director now owns 27,131 shares of the company’s stock, valued at approximately $783,814.59. This trade represents a 2.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

MGP Ingredients Stock Down 0.6 %

MGP Ingredients stock traded down $0.17 during mid-day trading on Wednesday, hitting $28.36. 185,285 shares of the company’s stock were exchanged, compared to its average volume of 310,426. MGP Ingredients, Inc. has a 1-year low of $27.88 and a 1-year high of $92.52. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The stock has a 50 day moving average of $32.58 and a two-hundred day moving average of $46.94. The stock has a market cap of $603.22 million, a P/E ratio of 5.90 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.69%. MGP Ingredients’s dividend payout ratio is 31.79%.

Institutional Investors Weigh In On MGP Ingredients

Several large investors have recently modified their holdings of MGPI. GAMMA Investing LLC increased its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc increased its holdings in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares during the last quarter. Point72 DIFC Ltd raised its position in shares of MGP Ingredients by 2,375.6% in the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after acquiring an additional 974 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of MGP Ingredients by 187.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,261 shares of the company’s stock worth $105,000 after purchasing an additional 823 shares in the last quarter. Finally, Quarry LP acquired a new position in MGP Ingredients in the fourth quarter valued at about $75,000. 77.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MGPI. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Wells Fargo & Company dropped their target price on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

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.