MGP Ingredients (NASDAQ:MGPI) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) shares passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $25.75 and traded as low as $25.50. MGP Ingredients shares last traded at $25.80, with a volume of 216,418 shares trading hands.

Analyst Upgrades and Downgrades

MGPI has been the subject of several research analyst reports. Wells Fargo & Company reduced their price objective on shares of MGP Ingredients from $33.00 to $29.00 and set an “overweight” rating for the company in a report on Monday, January 5th. TD Cowen reduced their price target on shares of MGP Ingredients from $27.00 to $24.00 and set a “hold” rating for the company in a research note on Thursday, January 8th. Wall Street Zen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a report on Sunday, January 11th. Weiss Ratings reissued a “sell (d)” rating on shares of MGP Ingredients in a report on Thursday, January 22nd. Finally, Zacks Research lowered MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $33.60.

MGP Ingredients Stock Performance

The stock has a 50-day moving average of $24.79 and a 200 day moving average of $25.75. The firm has a market capitalization of $549.28 million, a P/E ratio of -38.51 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.69 and a current ratio of 2.78.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 81,616 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $25.84, for a total value of $2,108,957.44. Following the completion of the sale, the director owned 35,285 shares in the company, valued at approximately $911,764.40. This trade represents a 69.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Caroline Lux Kaplan sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $23.85, for a total transaction of $715,500.00. Following the transaction, the insider owned 560,958 shares in the company, valued at $13,378,848.30. The trade was a 5.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 334,535 shares of company stock worth $8,224,668. Insiders own 34.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. raised its position in shares of MGP Ingredients by 183.3% during the second quarter. Federated Hermes Inc. now owns 743,214 shares of the company’s stock worth $22,274,000 after acquiring an additional 480,885 shares during the last quarter. Dana Investment Advisors Inc. bought a new position in MGP Ingredients in the fourth quarter valued at about $5,348,000. Assenagon Asset Management S.A. acquired a new stake in MGP Ingredients in the third quarter worth about $4,702,000. Millennium Management LLC raised its holdings in MGP Ingredients by 116.6% during the 1st quarter. Millennium Management LLC now owns 359,813 shares of the company’s stock worth $10,571,000 after purchasing an additional 193,660 shares during the last quarter. Finally, Peregrine Capital Management LLC bought a new stake in MGP Ingredients during the 4th quarter worth about $3,606,000. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Company Profile

MGP Ingredients, Inc (NASDAQ: MGPI) is a leading producer of distilled spirits and specialty ingredient solutions for the food, beverage and consumer products industries. Headquartered in Atchison, Kansas, the company operates two main facilities—its historic Atchison plant, founded in 1941 as Midwest Grain Products, and a modern distillery in Lawrenceburg, Indiana. MGP Ingredients supplies an array of distillation products under its beverage and ingredient segments, serving brand owners, private-label producers and co-packers worldwide.

The beverage segment features a broad portfolio of premium spirits, including bourbon and rye whiskies, vodka, gin and neutral spirits.