MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus Sells 778 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 778 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $28.89, for a total value of $22,476.42. Following the completion of the sale, the director now owns 27,131 shares of the company’s stock, valued at $783,814.59. This trade represents a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

MGP Ingredients Price Performance

MGPI stock opened at $28.29 on Thursday. The company has a 50 day simple moving average of $32.44 and a 200 day simple moving average of $46.81. The stock has a market cap of $601.73 million, a price-to-earnings ratio of 5.88 and a beta of 0.61. MGP Ingredients, Inc. has a 1 year low of $27.72 and a 1 year high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wells Fargo & Company decreased their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, Roth Mkm cut their target price 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. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $66.00.

Institutional Investors Weigh In On MGP Ingredients

Hedge funds have recently modified their holdings of the company. FMR LLC raised its position in MGP Ingredients by 14.2% in the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after purchasing an additional 137,292 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in MGP Ingredients by 265.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 82,318 shares of the company’s stock valued at $6,853,000 after buying an additional 59,805 shares during the last quarter. Verition Fund Management LLC raised its holdings in MGP Ingredients by 39.5% in the 3rd quarter. Verition Fund Management LLC now owns 11,044 shares of the company’s stock valued at $919,000 after buying an additional 3,125 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in MGP Ingredients by 187.9% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,261 shares of the company’s stock worth $105,000 after acquiring an additional 823 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in MGP Ingredients in the 3rd quarter valued at approximately $300,000. 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.