MGP Ingredients (NASDAQ:MGPI) Trading Down 3.1% – Should You Sell?

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wells Fargo & Company cut their target price 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 downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Finally, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, MGP Ingredients currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Price Performance

The firm has a market cap of $630.89 million, a PE ratio of 6.19 and a beta of 0.57. The firm has a fifty day simple moving average of $33.64 and a two-hundred day simple moving average of $50.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the transaction, the director now owns 283,569 shares of the company’s stock, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Several hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted 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 buying an additional 431 shares during the period. Versant Capital Management Inc raised its stake in 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 during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of MGP Ingredients by 56.0% in the fourth 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 period. Finally, Quarry LP acquired a new position in shares of MGP Ingredients in the fourth quarter valued at about $75,000. 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.