MGP Ingredients (NASDAQ:MGPI) Stock Price Down 3.1% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

MGP Ingredients Price Performance

The business has a 50-day moving average price of $33.90 and a 200 day moving average price of $50.90. The company has a market cap of $642.57 million, a price-to-earnings ratio of 6.28 and a beta of 0.57. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. MGP Ingredients’s payout ratio is currently 31.79%.

Insider Activity

In other news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. This represents a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently modified their holdings of the stock. PharVision Advisers LLC acquired a new position in shares of MGP Ingredients in the fourth quarter worth $316,000. Voloridge Investment Management LLC acquired a new position in shares of MGP Ingredients in the fourth quarter worth $12,932,000. Two Sigma Advisers LP increased its stake in shares of MGP Ingredients by 4.1% in the fourth quarter. Two Sigma Advisers LP now owns 122,800 shares of the company’s stock worth $4,835,000 after acquiring an additional 4,800 shares during the last quarter. Sherbrooke Park Advisers LLC acquired a new position in shares of MGP Ingredients in the fourth quarter worth $328,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in shares of MGP Ingredients by 58.3% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after acquiring an additional 735 shares during the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

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.