MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg Buys 5,348 Shares

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) Director Karen Seaberg bought 5,348 shares of the stock in a transaction on Tuesday, March 11th. The stock was bought at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the purchase, the director now directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI traded down $2.12 during midday trading on Tuesday, hitting $31.43. The company's stock had a trading volume of 682,490 shares, compared to its average volume of 294,595. The stock's 50 day simple moving average is $34.61 and its 200 day simple moving average is $52.98. The stock has a market capitalization of $668.52 million, a price-to-earnings ratio of 6.53 and a beta of 0.57. 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, Inc. has a fifty-two week low of $31.10 and a fifty-two week high of $92.52.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, March 14th. MGP Ingredients's payout ratio is 31.79%.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock valued at $50,000 after acquiring an additional 186 shares during the last quarter. Assetmark Inc. raised its holdings in MGP Ingredients by 6.5% during the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company's stock worth $948,000 after purchasing an additional 699 shares during the last quarter. Atria Investments Inc acquired a new position in MGP Ingredients in the third quarter valued at approximately $304,000. GSA Capital Partners LLP bought a new position in shares of MGP Ingredients in the 3rd quarter worth $1,010,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth about $201,000. 77.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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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.

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