MGP Ingredients (NASDAQ:MGPI) Shares Down 3.1% - Here's What Happened

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) shares dropped 3.1% on Monday . The company traded as low as $27.14 and last traded at $27.43. Approximately 200,422 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 320,536 shares. The stock had previously closed at $28.30.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Roth Mkm lowered their price objective on MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a research 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. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and cut their price objective for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. Finally, Wells Fargo & Company decreased their target price on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. 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's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.00.

MGP Ingredients Stock Performance

The company has a market capitalization of $593.43 million, a price-to-earnings ratio of 5.80 and a beta of 0.61. 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 stock has a 50 day simple moving average of $30.37 and a two-hundred day simple moving average of $41.64.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients's payout ratio is 31.79%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg acquired 5,348 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the acquisition, the director now owns 358,899 shares in the company, valued at $11,696,518.41. This trade represents a 1.51 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 36.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of MGP Ingredients by 162.0% in the fourth 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 lifted its position in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company's stock worth $28,000 after acquiring an additional 460 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after purchasing an additional 687 shares during the last quarter. Quarry LP acquired a new position in shares of MGP Ingredients in the fourth quarter valued at approximately $75,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of MGP Ingredients by 58.3% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock worth $79,000 after purchasing an additional 735 shares during the last quarter. Hedge funds and other institutional investors 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.