MGP Ingredients, Inc. (NASDAQ:MGPI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of MGP Ingredients, Inc. (NASDAQ:MGPIGet Rating) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $117.83.

MGPI has been the subject of a number of research analyst reports. Wedbush initiated coverage on MGP Ingredients in a report on Monday, October 10th. They issued an “outperform” rating and a $125.00 target price for the company. StockNews.com assumed coverage on MGP Ingredients in a report on Wednesday, October 12th. They set a “hold” rating for the company. Wells Fargo & Company boosted their price objective on MGP Ingredients from $126.00 to $128.00 and gave the company an “overweight” rating in a report on Friday, November 4th. Finally, Lake Street Capital boosted their price objective on MGP Ingredients from $125.00 to $140.00 in a report on Friday, November 4th.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 4,472 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $106.38, for a total value of $475,731.36. Following the transaction, the director now owns 61,067 shares of the company’s stock, valued at $6,496,307.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Lori L.S. Mingus sold 1,745 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $114.96, for a total transaction of $200,605.20. Following the transaction, the director now owns 14,179 shares of the company’s stock, valued at approximately $1,630,017.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Seaberg sold 4,472 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $106.38, for a total value of $475,731.36. Following the transaction, the director now directly owns 61,067 shares in the company, valued at approximately $6,496,307.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,655 shares of company stock valued at $723,794. Insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Ascent Group LLC purchased a new position in shares of MGP Ingredients during the 2nd quarter valued at $618,000. SeaCrest Wealth Management LLC bought a new stake in shares of MGP Ingredients during the 2nd quarter valued at $109,000. Bellwether Advisors LLC bought a new stake in shares of MGP Ingredients during the 2nd quarter valued at $3,723,000. AdvisorShares Investments LLC raised its stake in shares of MGP Ingredients by 99.7% during the 2nd quarter. AdvisorShares Investments LLC now owns 5,592 shares of the company’s stock valued at $560,000 after purchasing an additional 2,792 shares during the period. Finally, V Wealth Advisors LLC raised its stake in shares of MGP Ingredients by 2.4% during the 2nd quarter. V Wealth Advisors LLC now owns 4,301 shares of the company’s stock valued at $430,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors own 79.27% of the company’s stock.

MGP Ingredients Trading Up 0.6 %

Shares of MGPI stock opened at $122.83 on Wednesday. The company has a market cap of $2.70 billion, a P/E ratio of 23.18 and a beta of 0.93. The stock has a 50 day simple moving average of $108.68 and a two-hundred day simple moving average of $104.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.64 and a current ratio of 4.37. MGP Ingredients has a fifty-two week low of $71.35 and a fifty-two week high of $123.24.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, November 17th. This represents a $0.48 annualized dividend and a dividend yield of 0.39%. MGP Ingredients’s payout ratio is 9.06%.

MGP Ingredients Company Profile

(Get Rating)

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including 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.

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Analyst Recommendations for MGP Ingredients (NASDAQ:MGPI)

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