Insider Selling: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells 451 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg sold 451 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $45.85, for a total transaction of $20,678.35. Following the transaction, the director now owns 119,105 shares of the company’s stock, valued at $5,460,964.25. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, September 4th, Karen Seaberg sold 1,109 shares of MGP Ingredients stock. The shares were sold at an average price of $90.14, for a total value of $99,965.26.

MGP Ingredients Price Performance

NASDAQ MGPI traded up $0.29 on Friday, reaching $46.28. 291,619 shares of the company’s stock traded hands, compared to its average volume of 254,451. The stock has a market cap of $1.02 billion, a PE ratio of 9.56, a P/E/G ratio of 0.75 and a beta of 0.66. MGP Ingredients, Inc. has a 12 month low of $43.48 and a 12 month high of $102.42. The stock has a 50-day simple moving average of $63.05 and a 200 day simple moving average of $74.16. 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 (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period in the previous year, the firm posted $1.34 earnings per share. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, research analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.04%. MGP Ingredients’s payout ratio is 9.98%.

Analyst Ratings Changes

Several analysts have weighed in on the company. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Truist Financial dropped their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.67.

Hedge Funds Weigh In On MGP Ingredients

Large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC grew its holdings in shares of MGP Ingredients by 45.3% in 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 last quarter. Louisiana State Employees Retirement System boosted its position in MGP Ingredients by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after buying an additional 200 shares during the period. First Horizon Advisors Inc. increased its position 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 acquiring an additional 322 shares during the period. CWM LLC increased its position in shares of MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after acquiring an additional 325 shares during the period. Finally, LRI Investments LLC bought a new position in shares of MGP Ingredients during the first quarter valued at about $43,000. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.