MGP Ingredients (NASDAQ:MGPI) Reaches New 52-Week Low – Time to Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $32.61 and last traded at $33.16, with a volume of 15913 shares. The stock had previously closed at $32.92.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGPI. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Wells Fargo & Company reduced their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Stock Up 1.6 %

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 company has a 50-day simple moving average of $38.63 and a 200 day simple moving average of $60.36. The company has a market cap of $728.08 million, a P/E ratio of 6.90 and a beta of 0.62.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.45%. MGP Ingredients’s payout ratio is 9.98%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in MGP Ingredients by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company’s stock worth $44,337,000 after acquiring an additional 7,471 shares during the period. Quantbot Technologies LP bought a new stake in shares of MGP Ingredients in the 4th quarter valued at about $1,180,000. Isthmus Partners LLC lifted its position in shares of MGP Ingredients by 1.8% in the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock worth $1,511,000 after purchasing an additional 684 shares during the period. AlphaQuest LLC boosted its stake in shares of MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock valued at $149,000 after purchasing an additional 3,480 shares in the last quarter. Finally, Amundi increased its holdings in MGP Ingredients by 200.8% during the fourth quarter. Amundi now owns 7,222 shares of the company’s stock valued at $264,000 after buying an additional 4,821 shares during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.