A number of other analysts also recently issued reports on MGPI. Zacks Investment Research raised shares of MGP Ingredients from a sell rating to a hold rating in a report on Tuesday. Craig Hallum reissued a buy rating and set a $105.00 price target (up from $90.00) on shares of MGP Ingredients in a report on Monday, January 29th. BidaskClub downgraded shares of MGP Ingredients from a strong-buy rating to a buy rating in a report on Saturday, December 9th. Finally, Sidoti raised shares of MGP Ingredients from a neutral rating to a buy rating in a report on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. MGP Ingredients presently has a consensus rating of Buy and an average price target of $87.33.
Shares of MGP Ingredients (NASDAQ MGPI) opened at $78.18 on Tuesday. MGP Ingredients has a twelve month low of $47.64 and a twelve month high of $90.34. The stock has a market cap of $1,321.36, a price-to-earnings ratio of 43.70, a P/E/G ratio of 2.45 and a beta of 1.09. The company has a current ratio of 3.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 9th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, March 8th. This is a boost from MGP Ingredients’s previous quarterly dividend of $0.04. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. MGP Ingredients’s dividend payout ratio is currently 13.17%.
In other MGP Ingredients news, VP Stephen J. Glaser sold 5,800 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total transaction of $434,536.00. Following the completion of the transaction, the vice president now directly owns 17,080 shares in the company, valued at $1,279,633.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Rodger Buttshaw sold 700 shares of the company’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $77.62, for a total transaction of $54,334.00. Following the transaction, the vice president now owns 12,790 shares of the company’s stock, valued at $992,759.80. The disclosure for this sale can be found here. Insiders have sold 33,770 shares of company stock valued at $2,564,028 over the last 90 days. 23.50% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of MGPI. Granite Investment Partners LLC acquired a new position in MGP Ingredients during the third quarter worth $12,105,000. Jennison Associates LLC acquired a new position in MGP Ingredients during the third quarter worth $10,880,000. Raymond James Financial Services Advisors Inc. raised its position in MGP Ingredients by 3.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,632,786 shares of the company’s stock worth $280,886,000 after acquiring an additional 146,399 shares during the period. AMI Asset Management Corp acquired a new position in MGP Ingredients during the fourth quarter worth $5,918,000. Finally, Allianz Asset Management GmbH raised its position in MGP Ingredients by 87.5% during the fourth quarter. Allianz Asset Management GmbH now owns 164,467 shares of the company’s stock worth $12,644,000 after acquiring an additional 76,763 shares during the period. Institutional investors own 95.74% of the company’s stock.
About MGP Ingredients
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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