Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $67.00

MGP Ingredients, Inc. (NASDAQ:MGPI) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $67.00.

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

MGP Ingredients Stock Performance

NASDAQ MGPI opened at $32.42 on Tuesday. The firm has a market cap of $689.57 million, a price-to-earnings ratio of 6.74 and a beta of 0.57. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $34.00 and a 200-day moving average price of $51.30. MGP Ingredients has a twelve month low of $29.84 and a twelve month high of $92.52.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s dividend payout ratio is currently 31.79%.

Insider Activity

In other news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the sale, the director now owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. This represents a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc increased 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 buying an additional 460 shares in the last quarter. Farther Finance Advisors LLC grew its position 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 valued at $50,000 after purchasing an additional 186 shares during the last quarter. First Horizon Advisors Inc. grew 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 purchasing an additional 322 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $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.

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.