MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low – Here’s What Happened

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $33.80 and last traded at $33.78, with a volume of 117430 shares. The stock had previously closed at $34.54.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Roth Mkm reduced their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. Wells Fargo & Company reduced their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $71.29.

MGP Ingredients Trading Down 3.1 %

The stock has a market cap of $734.45 million, a price-to-earnings ratio of 6.96 and a beta of 0.62. 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 company’s fifty day moving average price is $40.11 and its 200-day moving average price is $62.36.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is currently owned by insiders.

Institutional Trading of MGP Ingredients

Several institutional investors have recently modified their holdings of MGPI. GAMMA Investing LLC raised its position 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 boosted its stake in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the last quarter. Farther Finance Advisors LLC raised its stake 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 purchasing an additional 186 shares during the period. First Horizon Advisors Inc. grew its stake in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares during the period. Finally, Point72 DIFC Ltd increased its holdings in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after buying an additional 974 shares during 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.