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

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have been assigned an average rating of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $67.00.

Several research analysts have recently commented on MGPI shares. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. 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. Finally, Roth Mkm reduced their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGPI. Farther Finance Advisors LLC raised its holdings in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares in the last quarter. Assetmark Inc. raised its holdings in MGP Ingredients by 6.5% during the third quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock worth $948,000 after purchasing an additional 699 shares in the last quarter. Atria Investments Inc acquired a new stake in MGP Ingredients during the third quarter worth approximately $304,000. GSA Capital Partners LLP acquired a new stake in MGP Ingredients during the third quarter worth approximately $1,010,000. Finally, Prime Capital Investment Advisors LLC acquired a new stake in MGP Ingredients during the third quarter worth approximately $201,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Trading Down 1.4 %

NASDAQ MGPI opened at $33.55 on Tuesday. The firm has a 50 day simple moving average of $34.87 and a 200-day simple moving average of $53.79. 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 has a one year low of $31.31 and a one year high of $92.52. The firm has a market cap of $713.61 million, a price-to-earnings ratio of 6.98 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.43%. MGP Ingredients’s payout ratio is currently 31.79%.

About MGP Ingredients

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.