MGP Ingredients (NASDAQ:MGPI) Stock Price Down 6.4% – Time to Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI) traded down 6.4% on Tuesday . The company traded as low as $31.37 and last traded at $31.39. 247,633 shares changed hands during trading, a decline of 16% from the average session volume of 293,063 shares. The stock had previously closed at $33.55.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut their price objective for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Wells Fargo & Company cut their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Roth Mkm cut their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Up 1.0 %

The company has a market capitalization of $655.75 million, a price-to-earnings ratio of 6.41 and a beta of 0.57. The firm’s 50 day moving average price is $34.43 and its two-hundred day moving average price is $52.82. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.56%. MGP Ingredients’s dividend payout ratio is presently 31.79%.

Insider Transactions at MGP Ingredients

In related news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 36.20% of the stock is owned by company insiders.

Institutional Trading of MGP Ingredients

A number of institutional investors have recently bought and sold shares of MGPI. Farther Finance Advisors LLC boosted its holdings in 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 during the period. Assetmark Inc. boosted its holdings in MGP Ingredients by 6.5% in the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock valued at $948,000 after purchasing an additional 699 shares during the period. Atria Investments Inc bought a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $304,000. GSA Capital Partners LLP bought a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $1,010,000. Finally, Prime Capital Investment Advisors LLC bought a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $201,000. Institutional investors own 77.11% of the company’s stock.

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.