MGP Ingredients (NASDAQ:MGPI) Hits New 1-Year Low at $90.58

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $90.58 and last traded at $90.58, with a volume of 2197 shares traded. The stock had previously closed at $91.78.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Truist Financial reiterated a “buy” rating and set a $140.00 price target on shares of MGP Ingredients in a research report on Wednesday, September 6th. StockNews.com started coverage on shares of MGP Ingredients in a research report on Thursday, October 5th. They issued a “hold” rating for the company.

MGP Ingredients Stock Down 0.9 %

The firm has a market capitalization of $2.00 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 1.51 and a beta of 0.97. The company has a quick ratio of 1.79, a current ratio of 5.59 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $99.81 and a 200-day moving average price of $105.85.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Thursday, November 16th. MGP Ingredients’s dividend payout ratio is currently 10.86%.

Insider Activity

In other news, Director Lori L.S. Mingus sold 383 shares of MGP Ingredients stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $104.69, for a total value of $40,096.27. Following the completion of the transaction, the director now owns 51,353 shares in the company, valued at approximately $5,376,145.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Lori L.S. Mingus sold 383 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $104.69, for a total transaction of $40,096.27. Following the completion of the transaction, the director now owns 51,353 shares in the company, valued at $5,376,145.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Cnl 2013 Irrevocable Trust Dat sold 6,500 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $115.40, for a total value of $750,100.00. Following the completion of the transaction, the insider now owns 21,231 shares in the company, valued at approximately $2,450,057.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,547 shares of company stock worth $4,532,209. Corporate insiders own 28.70% of the company’s stock.

Institutional Trading of MGP Ingredients

Institutional investors have recently modified their holdings of the stock. Commerce Bank lifted its position in MGP Ingredients by 2.0% in the second quarter. Commerce Bank now owns 5,100 shares of the company’s stock valued at $542,000 after acquiring an additional 100 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its holdings in shares of MGP Ingredients by 19.6% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 867 shares of the company’s stock valued at $92,000 after purchasing an additional 142 shares during the last quarter. Mariner LLC lifted its holdings in shares of MGP Ingredients by 0.3% in the 3rd quarter. Mariner LLC now owns 54,569 shares of the company’s stock valued at $5,756,000 after purchasing an additional 142 shares during the last quarter. FMR LLC boosted its position in shares of MGP Ingredients by 8.8% in the 1st quarter. FMR LLC now owns 1,763 shares of the company’s stock valued at $171,000 after purchasing an additional 142 shares during the period. Finally, Penserra Capital Management LLC grew its stake in MGP Ingredients by 7.7% during the 3rd quarter. Penserra Capital Management LLC now owns 2,046 shares of the company’s stock worth $215,000 after buying an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients in the United States and internationally. It operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions. The Distillery Solutions segment provides food grade alcohol for beverage applications that include bourbon and rye, whiskeys, as well as grain neutral spirits, include vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.