MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $66.00 Consensus Target Price from Analysts

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have earned an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $66.00.

Several equities research analysts have weighed in on the stock. Roth Mkm cut their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Wells Fargo & Company reduced their target price on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI opened at $28.30 on Friday. The firm’s 50 day simple moving average is $30.97 and its 200 day simple moving average is $43.56. MGP Ingredients has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The company has a market capitalization of $601.94 million, a price-to-earnings ratio of 5.88 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.70%. MGP Ingredients’s payout ratio is presently 31.79%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the firm’s 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 completion of the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at $8,739,596.58. This trade represents a 9.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after buying an additional 431 shares in the last quarter. Versant Capital Management Inc increased its position in shares of 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 acquiring an additional 460 shares during the last quarter. Point72 DIFC Ltd raised its holdings in MGP Ingredients by 2,375.6% during the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after acquiring an additional 974 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in MGP Ingredients by 187.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,261 shares of the company’s stock valued at $105,000 after purchasing an additional 823 shares during the last quarter. Finally, Quarry LP bought a new position in MGP Ingredients in the fourth quarter valued at approximately $75,000. 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.