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

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) Director Lori L.S. Mingus sold 778 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $28.89, for a total value of $22,476.42. Following the sale, the director now directly owns 27,131 shares of the company's stock, valued at approximately $783,814.59. This represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MGP Ingredients Trading Up 0.8 %

Shares of MGP Ingredients stock traded up $0.21 during trading on Friday, reaching $27.09. 519,873 shares of the stock were exchanged, compared to its average volume of 314,567. MGP Ingredients, Inc. has a 1 year low of $25.62 and a 1 year high of $92.52. The firm has a market cap of $576.20 million, a price-to-earnings ratio of 5.63 and a beta of 0.61. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock's fifty day moving average is $32.07 and its 200 day moving average is $45.74.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.77%. MGP Ingredients's dividend payout ratio (DPR) is presently 31.79%.

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Institutional Trading of MGP Ingredients

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in MGP Ingredients by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company's stock worth $44,337,000 after buying an additional 7,471 shares during the period. FMR LLC increased its stake in shares of MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company's stock worth $91,824,000 after acquiring an additional 137,292 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in MGP Ingredients by 6.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company's stock valued at $36,017,000 after acquiring an additional 57,714 shares during the period. Wasatch Advisors LP bought a new position in shares of MGP Ingredients during the fourth quarter valued at approximately $28,388,000. Finally, State Street Corp lifted its holdings in shares of MGP Ingredients by 22.4% during the third quarter. State Street Corp now owns 717,675 shares of the company's stock valued at $59,746,000 after purchasing an additional 131,542 shares during the last quarter. Institutional investors own 77.11% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MGPI. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Roth Mkm cut their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, December 23rd. StockNews.com cut MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th. Finally, Wells Fargo & Company cut their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday. One equities 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.