MGP Ingredients (NASDAQ:MGPI) Shares Down 3.1% – Here’s Why

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) were down 3.1% on Monday . The company traded as low as $27.14 and last traded at $27.43. Approximately 200,422 shares traded hands during trading, a decline of 37% from the average daily volume of 320,536 shares. The stock had previously closed at $28.30.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price objective for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Roth Mkm lowered their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.00.

MGP Ingredients Price Performance

The stock has a market cap of $577.48 million, a PE ratio of 5.64 and a beta of 0.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock’s 50-day moving average is $30.97 and its two-hundred day moving average is $43.30.

MGP Ingredients Announces Dividend

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

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the sale, the director now directly owns 283,569 shares of the company’s stock, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors have recently modified their holdings of MGPI. Wasatch Advisors LP acquired a new position in MGP Ingredients during the 4th quarter worth $28,388,000. Raymond James Financial Inc. purchased a new position in MGP Ingredients in the fourth quarter worth approximately $13,125,000. Voloridge Investment Management LLC acquired a new position in MGP Ingredients during the 4th quarter worth approximately $12,932,000. Cubist Systematic Strategies LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter worth $7,164,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of MGP Ingredients by 1,292.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock worth $7,429,000 after purchasing an additional 175,142 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.