MGP Ingredients (NASDAQ:MGPI) Shares Down 3.1% - Time to Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) dropped 3.1% during mid-day trading on Wednesday . The company traded as low as $30.52 and last traded at $30.60. Approximately 51,689 shares were traded during trading, a decline of 83% from the average daily volume of 298,368 shares. The stock had previously closed at $31.57.

Analyst Upgrades and Downgrades

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

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MGP Ingredients Stock Down 2.3 %

The firm's 50 day simple moving average is $33.54 and its 200-day simple moving average is $49.93. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $628.53 million, a price-to-earnings ratio of 6.14 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.62%. MGP Ingredients's payout ratio is presently 31.79%.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg purchased 5,348 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $32.59 per share, with a total value of $174,291.32. Following the completion of the transaction, the director now owns 358,899 shares of the company's stock, valued at $11,696,518.41. The trade was a 1.51 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MGPI. Wasatch Advisors LP acquired a new stake in MGP Ingredients in the 4th quarter valued at about $28,388,000. Raymond James Financial Inc. acquired a new stake in MGP Ingredients during the 4th quarter valued at $13,125,000. Voloridge Investment Management LLC acquired a new position in shares of MGP Ingredients in the fourth quarter valued at $12,932,000. Massachusetts Financial Services Co. MA raised its position in shares of MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company's stock valued at $41,261,000 after purchasing an additional 199,550 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of MGP Ingredients during the 4th quarter worth about $7,164,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.