Insider Selling: MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells 335 Shares of Stock

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Lori L.S. Mingus sold 335 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $32.09, for a total transaction of $10,750.15. Following the completion of the sale, the director now directly owns 26,796 shares in the company, valued at $859,883.64. This trade represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Lori L.S. Mingus also recently made the following trade(s):

• On Tuesday, April 1st, Lori L.S. Mingus sold 778 shares of MGP Ingredients stock. The shares were sold at an average price of $28.89, for a total value of $22,476.42.

MGP Ingredients Stock Up 3.3 %

Shares of NASDAQ:MGPI opened at $31.89 on Friday. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The firm’s 50 day moving average price is $29.75 and its 200 day moving average price is $38.42. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a market cap of $678.30 million, a price-to-earnings ratio of 6.63 and a beta of 0.61.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm had revenue of $121.65 million during the quarter, compared to the consensus estimate of $119.14 million. During the same quarter in the previous year, the firm posted $1.07 earnings per share. The company’s revenue was down 28.7% compared to the same quarter last year. As a group, equities research analysts predict that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, May 16th. MGP Ingredients’s dividend payout ratio (DPR) is presently 31.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MGPI shares. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Wells Fargo & Company reduced their price target 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, April 2nd. Truist Financial cut their target price on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.33.

Hedge Funds Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. Penserra Capital Management LLC lifted its position in shares of MGP Ingredients by 333.3% during the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock worth $26,000 after buying an additional 690 shares during the last quarter. GAMMA Investing LLC boosted its stake in MGP Ingredients by 162.0% in the fourth 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 grew its holdings in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after purchasing an additional 460 shares during the last quarter. CWM LLC increased its position in shares of MGP Ingredients by 127.4% during the first quarter. CWM LLC now owns 2,051 shares of the company’s stock worth $60,000 after purchasing an additional 1,149 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of MGP Ingredients by 1,055.2% in the 1st quarter. Signaturefd LLC now owns 2,218 shares of the company’s stock valued at $65,000 after purchasing an additional 2,026 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

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.