Lori L.S. Mingus Sells 778 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 778 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $28.89, for a total value of $22,476.42. Following the transaction, the director now directly owns 27,131 shares in the company, valued at approximately $783,814.59. This trade represents a 2.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MGP Ingredients Stock Down 0.6 %

MGP Ingredients stock traded down $0.17 during mid-day trading on Wednesday, reaching $28.36. The stock had a trading volume of 185,285 shares, compared to its average volume of 310,426. The firm has a market capitalization of $603.22 million, a PE ratio of 5.90 and a beta of 0.57. The stock’s 50-day simple moving average is $32.58 and its 200-day simple moving average is $46.94. 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, Inc. has a fifty-two week low of $27.88 and a fifty-two week high of $92.52.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Friday, March 14th. MGP Ingredients’s dividend payout ratio is currently 31.79%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MGPI. GAMMA Investing LLC raised its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after buying an additional 431 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings 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 acquiring an additional 687 shares in the last quarter. Quarry LP bought a new stake in shares of MGP Ingredients during the 4th quarter valued at $75,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its position 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.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MGPI. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday. Roth Mkm dropped their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.