MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg Acquires 5,348 Shares

MGP Ingredients, Inc. (NASDAQ:MGPI) Director Karen Seaberg acquired 5,348 shares of the stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the acquisition, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

MGP Ingredients Price Performance

Shares of MGPI stock opened at $31.43 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The firm has a market cap of $668.52 million, a P/E ratio of 6.53 and a beta of 0.57. MGP Ingredients, Inc. has a 1-year low of $31.09 and a 1-year high of $92.52. The firm has a fifty day moving average of $34.61 and a two-hundred day moving average of $52.98.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.53%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MGPI. Roth Mkm reduced 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 note on Monday, December 23rd. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. 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 report on Tuesday, January 7th. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and cut their price objective for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, MGP Ingredients currently has an average rating of “Moderate Buy” and an average target price of $67.00.

Institutional Trading of MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. Vanguard Group Inc. boosted its holdings in shares of MGP Ingredients by 0.7% during 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 period. FMR LLC raised its holdings in shares of MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after purchasing an additional 137,292 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of MGP Ingredients by 6.7% during the 4th 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 position in shares of MGP Ingredients in the 4th quarter valued at $28,388,000. Finally, State Street Corp increased its position in shares of MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company’s stock worth $59,746,000 after acquiring an additional 131,542 shares in the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

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.