MGP Ingredients (NASDAQ:MGPI) Stock Price Up 4.1% Following Dividend Announcement

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) was up 4.1% during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $33.31 and last traded at $33.80. Approximately 39,730 shares traded hands during trading, a decline of 90% from the average daily volume of 402,534 shares. The stock had previously closed at $32.47.

The newly announced dividend which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. MGP Ingredients's dividend payout ratio (DPR) is currently 31.79%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MGPI. Roth Mkm cut their price objective on MGP Ingredients from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, December 23rd. Wells Fargo & Company cut their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. Finally, StockNews.com lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, MGP Ingredients has an average rating of "Moderate Buy" and a consensus price target of $67.00.

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MGP Ingredients Trading Down 0.6 %

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 business's 50-day moving average is $34.98 and its two-hundred day moving average is $54.64. The firm has a market cap of $723.39 million, a P/E ratio of 7.07 and a beta of 0.57.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently modified their holdings of MGPI. Farther Finance Advisors LLC grew its stake in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock valued at $50,000 after purchasing an additional 186 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company's stock valued at $27,000 after buying an additional 431 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after buying an additional 460 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock worth $63,000 after buying an additional 322 shares during the last quarter. Finally, Point72 DIFC Ltd raised its position in MGP Ingredients by 2,375.6% during the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company's stock worth $84,000 after acquiring an additional 974 shares in the last quarter. 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.