MGP Ingredients (NASDAQ:MGPI) Reaches New 1-Year Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) shares hit a new 52-week low on Monday . The company traded as low as $32.61 and last traded at $33.16, with a volume of 15913 shares traded. The stock had previously closed at $32.92.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MGPI shares. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Wells Fargo & Company decreased their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, Truist Financial reduced their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, MGP Ingredients presently has a consensus rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Price Performance

The company’s 50-day moving average is $39.14 and its 200-day moving average is $61.05. The firm has a market capitalization of $717.44 million, a price-to-earnings ratio of 6.79 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.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.47%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in shares of MGP Ingredients by 162.0% during the 4th 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 raised its holdings 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 acquiring an additional 460 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after purchasing an additional 687 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.