MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells $872,329.28 in Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg sold 28,304 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the sale, the director now owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. This represents a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Karen Seaberg also recently made the following trade(s):

• On Tuesday, March 11th, Karen Seaberg purchased 5,348 shares of MGP Ingredients stock. The shares were bought at an average cost of $32.59 per share, for a total transaction of $174,291.32.

MGP Ingredients Price Performance

NASDAQ:MGPI traded up $0.31 during trading hours on Thursday, hitting $30.83. 428,710 shares of the stock traded hands, compared to its average volume of 296,904. 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, Inc. has a 1 year low of $29.84 and a 1 year high of $92.52. The company has a market cap of $655.75 million, a price-to-earnings ratio of 6.41 and a beta of 0.57. The stock has a 50 day moving average price of $34.43 and a 200 day moving average price of $52.82.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s dividend payout ratio is currently 31.79%.

Analyst Ratings Changes

MGPI has been the topic of a number of recent analyst reports. Lake Street Capital raised shares of 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 report on Thursday, February 27th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Roth Mkm dropped their price objective 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. Finally, Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently modified their holdings of the stock. Wasatch Advisors LP bought a new stake in MGP Ingredients in the fourth quarter worth $28,388,000. Raymond James Financial Inc. purchased a new position in MGP Ingredients during the fourth quarter worth $13,125,000. Voloridge Investment Management LLC purchased a new position in MGP Ingredients during the fourth quarter worth $12,932,000. Massachusetts Financial Services Co. MA boosted its stake in MGP Ingredients by 67.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock worth $41,261,000 after buying an additional 199,550 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in MGP Ingredients during the fourth quarter worth $7,164,000. Institutional investors own 77.11% of the company’s stock.

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.