MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $28.10 and last traded at $28.04, with a volume of 145050 shares traded. The stock had previously closed at $29.38.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and dropped their target price for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. 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. Wells Fargo & Company decreased their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, StockNews.com lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.00.
Get Our Latest Report on MGPI
MGP Ingredients Stock Up 0.8 %
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 has a market capitalization of $576.20 million, a P/E ratio of 5.63 and a beta of 0.61. The firm's fifty day moving average price is $32.07 and its 200-day moving average price is $46.01.
MGP Ingredients Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients's dividend payout ratio is presently 31.79%.
Insider Activity at MGP Ingredients
In related news, Director Karen Seaberg sold 28,304 shares of the firm's stock in a transaction that occurred 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 in the company, valued at approximately $8,739,596.58. This trade represents a 9.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 36.20% of the company's stock.
Hedge Funds Weigh In On MGP Ingredients
A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after purchasing an additional 431 shares during the period. Versant Capital Management Inc grew its position in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. Point72 DIFC Ltd increased its stake in MGP Ingredients by 2,375.6% in the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company's stock valued at $84,000 after buying an additional 974 shares during the period. Quarry LP purchased a new stake in MGP Ingredients in the 4th quarter worth approximately $75,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after buying an additional 687 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.
About MGP Ingredients
(
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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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