Insider Buying: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Buys 5,348 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg acquired 5,348 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost 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 $11,696,518.41. This represents a 1.51 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

MGP Ingredients Price Performance

Shares of MGP Ingredients stock opened at $31.43 on Wednesday. MGP Ingredients, Inc. has a 1-year low of $31.09 and a 1-year high of $92.52. The firm’s 50-day moving average price is $34.61 and its two-hundred day moving average price is $52.98. 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 stock has a market capitalization of $668.52 million, a price-to-earnings ratio of 6.53 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.12 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.53%. MGP Ingredients’s payout ratio is 31.79%.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC increased its stake 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 buying an additional 186 shares in the last quarter. First Horizon Advisors Inc. grew its holdings 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 acquiring an additional 322 shares during the last quarter. GAMMA Investing LLC increased 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 acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the last quarter. Finally, Isthmus Partners LLC lifted its position in shares of MGP Ingredients by 1.8% during the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock worth $1,511,000 after purchasing an additional 684 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Roth Mkm decreased their price target 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. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company dropped their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, MGP Ingredients presently has an average rating of “Moderate Buy” and an average target price of $67.00.

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.