MGP Ingredients, Inc. (NASDAQ:MGPI) Given Average Rating of “Moderate Buy” by Brokerages

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been given a consensus rating of “Moderate Buy” by the six brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $66.00.

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

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg purchased 5,348 shares of the stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the acquisition, the director now owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. This represents a 1.51 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in shares of MGP Ingredients by 162.0% during 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 lifted its stake in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of MGP Ingredients by 56.0% in the fourth 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 during the period. Quarry LP acquired a new stake in MGP Ingredients during the 4th quarter valued at approximately $75,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in 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. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Up 0.8 %

NASDAQ:MGPI opened at $27.09 on Friday. The company has a market cap of $576.20 million, a price-to-earnings ratio of 5.63 and a beta of 0.61. MGP Ingredients has a twelve month low of $25.62 and a twelve month high of $92.52. 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 stock has a fifty day simple moving average of $32.07 and a 200-day simple moving average of $46.27.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

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.