Are you getting 2 MOA with issue iron sights? If so, you're getting pretty close to the limits of precision one would expect with the good, but still relatively course sights and short sighting radius. If you're shooting optics, the rifle absolutely should do better.
I run a "standard" load of PRVI brass FL Hornady K-31 dies, 42.5gr IMR 4064, Fed 210M, and a Nosler 155 BTHP. There is room to go up in charge on this load, but at that level it regulates well to the sights on my rifles for 200 yard Vintage matches. It is around 2 MOA or slightly better with issue irons through 10 shot groups. I can shrink it slightly in my rifles with diopter sights. I did borrow a clamp on scope mount once with a high magnification target scope, and it was under 3" at 300Meters on a very calm day. My COL touches or nearly touches the lands in a K-31. You'll have to find that length for your particular rifle. They do not like freebore in my experience. They do not like long bearing surface bullets in my experience. I run the same length for my K-31s (my COL is set to the minimum across 4 rifles) in a Gew 11 long rifle, and that one will do 1.5 MOA or better on an SR-2 from sandbags. I'm shooting neck sized brass specific to that rifle in the G11. The long sighting radius helps, and that particular rifle has an extra good trigger and barrel.