MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $67.00 Consensus Target Price from Analysts

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

Several brokerages have commented on MGPI. Wells Fargo & Company lowered their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Roth Mkm lowered their target price 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 shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Finally, Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th.

MGP Ingredients Stock Up 0.1 %

Shares of NASDAQ:MGPI opened at $30.87 on Tuesday. MGP Ingredients has a 52 week low of $29.84 and a 52 week high of $92.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The company has a market capitalization of $656.60 million, a PE ratio of 6.42 and a beta of 0.57. The company has a 50 day moving average price of $34.12 and a two-hundred day moving average price of $51.98.

MGP Ingredients Dividend Announcement

The firm 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s dividend payout ratio (DPR) is currently 31.79%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg bought 5,348 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the transaction, the director now 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in MGP Ingredients by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company’s stock valued at $44,337,000 after acquiring an additional 7,471 shares during the last quarter. FMR LLC lifted its stake in MGP Ingredients by 14.2% in the third 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. Dimensional Fund Advisors LP lifted its stake in MGP Ingredients by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company’s stock valued at $36,017,000 after acquiring an additional 57,714 shares during the last quarter. Wasatch Advisors LP acquired a new stake in MGP Ingredients in the fourth quarter valued at $28,388,000. Finally, State Street Corp lifted its stake in MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after acquiring an additional 131,542 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

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.