MGP Ingredients (NASDAQ:MGPI) Sets New 52-Week Low – What’s Next?

MGP Ingredients, Inc. (NASDAQ:MGPI) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $31.09 and last traded at $31.43, with a volume of 682490 shares trading hands. The stock had previously closed at $33.55.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Roth Mkm dropped their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Wells Fargo & Company decreased their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. One research 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 stock has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Performance

The firm’s fifty day moving average price is $34.61 and its 200 day moving average price is $52.98. The firm has a market cap of $668.52 million, a P/E ratio of 6.53 and a beta of 0.57. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Insiders Place Their Bets

In related news, Director Karen Seaberg purchased 5,348 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the acquisition, the director now owns 358,899 shares of the company’s stock, valued at $11,696,518.41. The trade was a 1.51 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC raised its holdings in 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 in the last quarter. First Horizon Advisors Inc. grew its position in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after buying an additional 322 shares during the last quarter. GAMMA Investing LLC raised 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 worth $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its position in MGP Ingredients by 192.5% during 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 during the last quarter. Finally, Isthmus Partners LLC boosted its stake in MGP Ingredients by 1.8% in the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock valued at $1,511,000 after acquiring an additional 684 shares in the last quarter. 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.