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

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price reached a new 52-week low during trading on Monday . The company traded as low as $32.61 and last traded at $33.16, with a volume of 15913 shares changing hands. The stock had previously closed at $32.92.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGPI. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Truist Financial cut their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Roth Mkm reduced their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Finally, Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Stock Performance

The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market cap of $728.08 million, a P/E ratio of 6.90 and a beta of 0.62. The business’s 50 day simple moving average is $38.63 and its 200 day simple moving average is $60.36.

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 given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.45%. MGP Ingredients’s payout ratio is 9.98%.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of MGP Ingredients by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company’s stock worth $44,337,000 after buying an additional 7,471 shares in the last quarter. FMR LLC increased its holdings in MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after acquiring an additional 137,292 shares during the last quarter. State Street Corp lifted its stake in MGP Ingredients by 22.4% in the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after purchasing an additional 131,542 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of MGP Ingredients by 67.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock valued at $41,261,000 after purchasing an additional 199,550 shares during the last quarter. Finally, Congress Asset Management Co. grew its position in shares of MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after purchasing an additional 76,835 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.