MGP Ingredients (NASDAQ:MGPI) Trading Down 3.1% – Should You Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price fell 3.1% during trading on Wednesday . The stock traded as low as $30.52 and last traded at $30.60. 51,689 shares traded hands during trading, a decline of 83% from the average session volume of 298,368 shares. The stock had previously closed at $31.57.

Wall Street Analyst Weigh In

Several analysts have commented on MGPI shares. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Wells Fargo & Company reduced their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and cut their target price for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, Roth Mkm cut their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Price Performance

The company has a fifty day moving average price of $33.64 and a two-hundred day moving average price of $50.61. 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 firm has a market capitalization of $630.89 million, a PE ratio of 6.19 and a beta of 0.57.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Insiders Place Their Bets

In other news, Director Karen Seaberg purchased 5,348 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the acquisition, the director now directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

Several hedge funds have recently bought and sold shares of MGPI. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its holdings in MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after purchasing an additional 687 shares in the last quarter. Finally, Quarry LP purchased a new position in MGP Ingredients in the 4th quarter valued at about $75,000. 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.