MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low - Here's Why

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) shares reached a new 52-week low during trading on Monday . The stock traded as low as $25.62 and last traded at $26.56, with a volume of 519873 shares traded. The stock had previously closed at $26.88.

Analyst Upgrades and Downgrades

MGPI has been the subject of several analyst reports. StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Friday, February 28th. 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 research report on Wednesday, April 2nd. Roth Mkm cut their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, December 23rd. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their target price for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, MGP Ingredients currently has an average rating of "Moderate Buy" and a consensus target price of $66.00.

MGP Ingredients Stock Performance

The company has a market capitalization of $601.94 million, a PE ratio of 5.88 and a beta of 0.61. The firm's 50-day simple moving average is $30.97 and its 200-day simple moving average is $43.56. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.70%. MGP Ingredients's payout ratio is currently 31.79%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg purchased 5,348 shares of the stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average price of $32.59 per share, with a total value of $174,291.32. Following the transaction, the director now owns 358,899 shares of the company's stock, valued at approximately $11,696,518.41. This trade represents a 1.51 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wasatch Advisors LP bought a new stake in MGP Ingredients during the fourth quarter valued at about $28,388,000. Raymond James Financial Inc. purchased a new stake in shares of MGP Ingredients during the fourth quarter valued at about $13,125,000. Voloridge Investment Management LLC bought a new stake in shares of MGP Ingredients in the 4th quarter valued at about $12,932,000. Cubist Systematic Strategies LLC purchased a new position in shares of MGP Ingredients in the 4th quarter worth approximately $7,164,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of MGP Ingredients by 1,292.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company's stock worth $7,429,000 after acquiring an additional 175,142 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

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.