Shares of MGP Ingredients Inc (NASDAQ:MGPI) hit a new 52-week high and low during mid-day trading on Friday . The company traded as low as $90.62 and last traded at $89.59, with a volume of 246800 shares traded. The stock had previously closed at $88.09.
A number of brokerages have issued reports on MGPI. BidaskClub raised MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research note on Friday. Sidoti raised MGP Ingredients from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Zacks Investment Research lowered MGP Ingredients from a “buy” rating to a “sell” rating in a research note on Thursday, February 22nd. Craig Hallum reissued a “buy” rating and issued a $105.00 price target (up from $90.00) on shares of MGP Ingredients in a research note on Monday, January 29th. Finally, Stifel Nicolaus began coverage on MGP Ingredients in a research note on Tuesday, December 5th. They issued a “hold” rating and a $73.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $87.33.
The company has a market cap of $1,504.93, a price-to-earnings ratio of 49.77, a PEG ratio of 2.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.24 and a quick ratio of 1.00.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 23rd. Stockholders of record on Friday, March 9th were paid a $0.08 dividend. This is a positive change from MGP Ingredients’s previous quarterly dividend of $0.04. This represents a $0.32 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend was Thursday, March 8th. MGP Ingredients’s payout ratio is currently 17.11%.
In other news, Director Daryl Schaller sold 388 shares of MGP Ingredients stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $79.00, for a total value of $30,652.00. Following the transaction, the director now directly owns 2,851 shares of the company’s stock, valued at approximately $225,229. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Rodger Buttshaw sold 700 shares of MGP Ingredients stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $77.62, for a total value of $54,334.00. Following the completion of the transaction, the vice president now directly owns 12,790 shares in the company, valued at $992,759.80. The disclosure for this sale can be found here. Insiders sold a total of 33,770 shares of company stock worth $2,752,401 over the last ninety days. Corporate insiders own 23.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of MGP Ingredients by 13.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 142,994 shares of the company’s stock valued at $8,669,000 after purchasing an additional 16,604 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of MGP Ingredients by 10.8% during the 4th quarter. California Public Employees Retirement System now owns 44,061 shares of the company’s stock valued at $3,387,000 after buying an additional 4,300 shares during the period. New York State Common Retirement Fund raised its holdings in shares of MGP Ingredients by 108.7% during the 3rd quarter. New York State Common Retirement Fund now owns 29,634 shares of the company’s stock valued at $1,797,000 after buying an additional 15,434 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at about $272,000. Finally, Wells Fargo & Company MN raised its holdings in shares of MGP Ingredients by 18.2% during the 3rd quarter. Wells Fargo & Company MN now owns 34,376 shares of the company’s stock valued at $2,084,000 after buying an additional 5,304 shares during the period. 95.31% of the stock is currently owned by institutional investors and hedge funds.
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MGP Ingredients Company Profile
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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