Analysts Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $67.00

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has received an average recommendation of "Moderate Buy" from the six ratings firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $67.00.

A number of analysts have recently issued reports on MGPI shares. Wells Fargo & Company reduced their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Roth Mkm cut their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, December 23rd. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th.

Insiders Place Their Bets

In related 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 transaction of $872,329.28. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 36.20% of the company's stock.

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Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MGPI. JPMorgan Chase & Co. increased its stake in shares of MGP Ingredients by 201.2% in the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock worth $5,388,000 after purchasing an additional 43,233 shares during the period. GSA Capital Partners LLP bought a new position in MGP Ingredients in the 3rd quarter worth approximately $1,010,000. Entropy Technologies LP acquired a new position in shares of MGP Ingredients during the fourth quarter worth approximately $335,000. Principal Financial Group Inc. boosted its position 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 valued at $2,702,000 after acquiring an additional 1,973 shares during the period. Finally, MML Investors Services LLC grew its stake in shares of MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company's stock worth $410,000 after acquiring an additional 1,083 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

MGP Ingredients Stock Up 0.1 %

MGP Ingredients stock traded up $0.04 during mid-day trading on Tuesday, hitting $30.87. The company's stock had a trading volume of 266,643 shares, compared to its average volume of 297,446. MGP Ingredients has a 52-week low of $29.84 and a 52-week high of $92.52. The company has a market cap of $656.60 million, a PE ratio of 6.42 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The firm's 50 day moving average is $34.26 and its 200 day moving average is $52.67.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.55%. MGP Ingredients's dividend payout ratio (DPR) is currently 31.79%.

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.