MGP Ingredients (NASDAQ:MGPI) Reaches New 1-Year Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $32.61 and last traded at $33.16, with a volume of 15913 shares traded. The stock had previously closed at $32.92.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Roth Mkm dropped their target price 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 decreased their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.29.

MGP Ingredients Stock Down 0.7 %

The firm has a market capitalization of $717.44 million, a PE ratio of 6.79 and a beta of 0.62. The business’s fifty day moving average price is $39.14 and its 200 day moving average price is $61.05. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.47%. MGP Ingredients’s payout ratio is 9.98%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 36.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently made changes to their positions in MGPI. Farther Finance Advisors LLC grew its position in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. GAMMA Investing LLC grew 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 worth $27,000 after acquiring an additional 431 shares during the period. Versant Capital Management Inc increased its stake in MGP Ingredients by 192.5% in the 4th 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. Finally, Park Avenue Securities LLC raised its holdings in MGP Ingredients by 19.4% during the third quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock worth $281,000 after purchasing an additional 549 shares during the last quarter. 77.11% of the stock is 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.