Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Price Target at $66.00

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the six ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $66.00.

Several brokerages have issued reports on MGPI. Wells Fargo & Company lowered their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. Roth Mkm reduced 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 downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. Finally, Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th.

MGP Ingredients Trading Down 2.9 %

NASDAQ:MGPI traded down $0.83 during trading hours on Friday, hitting $27.99. The stock had a trading volume of 56,106 shares, compared to its average volume of 318,272. The business's 50 day moving average is $31.20 and its 200-day moving average is $44.30. 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 company has a market cap of $595.35 million, a price-to-earnings ratio of 5.81 and a beta of 0.61. MGP Ingredients has a one year low of $25.12 and a one year high of $92.52.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Friday, March 14th. MGP Ingredients's payout ratio is currently 31.79%.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares in the company, valued at $8,739,596.58. The trade was a 9.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 36.20% of the company's stock.

Institutional Trading of MGP Ingredients

Several large investors have recently made changes to their positions in MGPI. JPMorgan Chase & Co. raised its position in MGP Ingredients by 201.2% in the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock valued at $5,388,000 after purchasing an additional 43,233 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in MGP Ingredients in the 4th quarter valued at approximately $832,000. Entropy Technologies LP acquired a new position in shares of MGP Ingredients during the fourth quarter worth $335,000. Principal Financial Group Inc. grew its stake in shares of MGP Ingredients by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 68,634 shares of the company's stock worth $2,702,000 after purchasing an additional 1,973 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in MGP Ingredients in the fourth quarter valued at $13,125,000. 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.