MGP Ingredients (NASDAQ:MGPI) Sets New 12-Month Low – Time to Sell?

by · The Markets Daily

MGP Ingredients, Inc. (NASDAQ:MGPI – Get Free Report)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $28.10 and last traded at $28.04, with a volume of 145050 shares trading hands. The stock had previously closed at $29.38.

Analyst Upgrades and Downgrades

MGPI has been the topic of a number of analyst reports. Wells Fargo & Company lowered their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price target for the company from $55.00 to $45.00 in a research note 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 for the company in a report on Monday, December 23rd. Finally, StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. One 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. According to data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average target price of $66.00.

Check Out Our Latest Report on MGPI

MGP Ingredients Stock Down 5.0 %

The firm’s 50 day moving average is $32.44 and its 200-day moving average is $46.81. 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 firm has a market cap of $571.74 million, a PE ratio of 5.59 and a beta of 0.61.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.79%. MGP Ingredients’s dividend payout ratio is presently 31.79%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction that occurred 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 sale, the director now directly owns 283,569 shares in the company, valued at $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently made changes to their positions in MGPI. GAMMA Investing LLC grew its stake in MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc raised its position in shares of MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after acquiring an additional 460 shares in the last quarter. Isthmus Partners LLC increased its stake in MGP Ingredients by 1.8% during the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock valued at $1,511,000 after purchasing an additional 684 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after acquiring an additional 687 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in shares of MGP Ingredients by 58.3% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after purchasing an additional 735 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

About MGP Ingredients

(Get Free Report)

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.

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