MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $29.80 and last traded at $30.13, with a volume of 53468 shares trading hands. The stock had previously closed at $30.26.
Analysts Set New Price Targets
Several equities analysts have weighed in on the company. Roth Mkm cut their price target 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 upgraded 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 report on Thursday, February 27th. Wells Fargo & Company reduced their price objective on MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Finally, StockNews.com downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, MGP Ingredients has a consensus rating of "Moderate Buy" and an average target price of $67.00.
View Our Latest Stock Report on MGP Ingredients
MGP Ingredients Trading Up 0.5 %
The company's 50 day simple moving average is $33.40 and its two-hundred day simple moving average is $49.25. 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 company has a market capitalization of $626.51 million, a price-to-earnings ratio of 6.12 and a beta of 0.57.
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 given 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 1.63%. MGP Ingredients's payout ratio is 31.79%.
Insider Activity at MGP Ingredients
In other news, Director Karen Seaberg sold 28,304 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the sale, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. The trade was a 9.08 % 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. 36.20% of the stock is currently owned by corporate insiders.
Institutional Trading of MGP Ingredients
Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in shares of MGP Ingredients by 201.2% during the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock valued at $5,388,000 after buying an additional 43,233 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of MGP Ingredients in the fourth quarter worth about $335,000. Principal Financial Group Inc. raised 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 worth $2,702,000 after acquiring an additional 1,973 shares during the period. MML Investors Services LLC boosted its stake in shares of MGP Ingredients by 28.2% during the 3rd 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 in the last quarter. Finally, NFJ Investment Group LLC acquired a new stake in shares of MGP Ingredients during the 3rd quarter valued at about $3,181,000. Hedge funds and other institutional investors own 77.11% of the company's stock.
About MGP Ingredients
(
Get Free Report)
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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