Lori L.S. Mingus Sells 778 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) Stock

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

MGP Ingredients Price Performance

MGPI opened at $26.88 on Friday. The company has a market capitalization of $571.74 million, a P/E ratio of 5.59 and a beta of 0.61. The company has a 50-day moving average of $32.25 and a 200-day moving average of $46.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients, Inc. has a 1-year low of $26.41 and a 1-year high of $92.52.

MGP Ingredients Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wasatch Advisors LP bought a new stake in shares of MGP Ingredients in the 4th quarter valued at approximately $28,388,000. Raymond James Financial Inc. bought a new stake in MGP Ingredients during the fourth quarter valued at $13,125,000. Voloridge Investment Management LLC acquired a new stake in shares of MGP Ingredients during the fourth quarter worth $12,932,000. Cubist Systematic Strategies LLC bought a new position in shares of MGP Ingredients in the 4th quarter worth about $7,164,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of MGP Ingredients by 1,292.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after buying an additional 175,142 shares during the period. Institutional investors own 77.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on MGPI shares. Wells Fargo & Company reduced their target price 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. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Roth Mkm lowered 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. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.