MGP Ingredients, Inc. (NASDAQ:MGPI) Director Purchases $174,291.32 in Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg bought 5,348 shares of the stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the purchase, the director now directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. This trade represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

MGP Ingredients Trading Down 6.3 %

Shares of MGP Ingredients stock traded down $2.12 on Tuesday, hitting $31.43. 682,490 shares of the company traded hands, compared to its average volume of 294,595. The company has a market cap of $668.52 million, a PE ratio of 6.53 and a beta of 0.57. 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 52 week low of $31.10 and a 52 week high of $92.52. The stock’s 50 day moving average price is $34.61 and its 200-day moving average price is $52.98.

MGP Ingredients Announces Dividend

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

Institutional Trading of MGP Ingredients

A number of institutional investors have recently bought and sold shares of MGPI. GAMMA Investing LLC grew its holdings in MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares during the period. Versant Capital Management Inc grew its holdings in shares of MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after purchasing an additional 460 shares during the period. Farther Finance Advisors LLC boosted its position in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the period. First Horizon Advisors Inc. increased its stake 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 buying an additional 322 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 56.0% during 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 period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on MGPI. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Roth Mkm decreased 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. Wells Fargo & Company reduced their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

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.