MGP Ingredients (NASDAQ:MGPI) Shares Up 4.1% After Dividend Announcement

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price shot up 4.1% during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $33.31 and last traded at $33.80. 39,730 shares were traded during mid-day trading, a decline of 90% from the average session volume of 402,534 shares. The stock had previously closed at $32.47.

The newly announced dividend which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.40%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Wall Street Analyst Weigh In

MGPI has been the subject of a number of research analyst reports. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Roth Mkm lowered 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 report on Monday, December 23rd. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday. Wells Fargo & Company decreased their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

MGP Ingredients Stock Performance

The stock has a market capitalization of $730.18 million, a P/E ratio of 7.08 and a beta of 0.57. The stock’s 50-day simple moving average is $35.53 and its 200 day simple moving average is $55.71. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

Institutional Trading of MGP Ingredients

Several hedge funds and other institutional investors have recently modified their holdings of MGPI. GAMMA Investing LLC lifted its holdings in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after buying an additional 431 shares in the last quarter. Versant Capital Management Inc raised its stake in 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 acquiring an additional 460 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in 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 buying an additional 687 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

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.