Insider Selling: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells $22,476.42 in Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 778 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $28.89, for a total transaction of $22,476.42. Following the transaction, the director now directly owns 27,131 shares of the company’s stock, valued at approximately $783,814.59. This trade represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $27.09 on Friday. The company’s fifty day moving average price is $32.07 and its 200-day moving average price is $46.27. The stock has a market cap of $576.20 million, a PE ratio of 5.63 and a beta of 0.61. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 12 month low of $25.62 and a 12 month high of $92.52.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients’s payout ratio is currently 31.79%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake in shares of MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after acquiring an additional 431 shares during the last quarter. Versant Capital Management Inc grew its position in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares during the last quarter. Isthmus Partners LLC increased its stake in MGP Ingredients by 1.8% during the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock valued at $1,511,000 after purchasing an additional 684 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after buying an additional 687 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of MGP Ingredients by 58.3% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after buying an additional 735 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

Analyst Ratings Changes

MGPI has been the subject of a number of recent analyst reports. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Wells Fargo & Company dropped their price target on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday. Roth Mkm reduced their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Finally, Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their target price for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to MarketBeat, MGP Ingredients presently has an average rating of “Moderate Buy” and an average price target of $66.00.

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.