Alliancebernstein L.P. Increases Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Alliancebernstein L.P. boosted its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 114.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,542 shares of the company's stock after buying an additional 24,791 shares during the quarter. Alliancebernstein L.P. owned approximately 0.21% of MGP Ingredients worth $1,832,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of MGP Ingredients in the 4th quarter worth $13,125,000. Assenagon Asset Management S.A. raised its stake in MGP Ingredients by 1,292.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company's stock worth $7,429,000 after acquiring an additional 175,142 shares during the last quarter. State Street Corp raised its stake in MGP Ingredients by 22.4% in the 3rd quarter. State Street Corp now owns 717,675 shares of the company's stock worth $59,746,000 after acquiring an additional 131,542 shares during the last quarter. Edgestream Partners L.P. purchased a new position in MGP Ingredients in the 4th quarter worth $3,679,000. Finally, World Investment Advisors LLC purchased a new position in MGP Ingredients in the 3rd quarter worth $6,100,000. Institutional investors own 77.11% of the company's stock.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the sale, the director now owns 283,569 shares of the company's stock, valued at $8,739,596.58. This represents a 9.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 36.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MGPI shares. StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Friday, February 28th. Wells Fargo & Company cut their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Wednesday, April 2nd. Finally, Lake Street Capital upgraded MGP Ingredients from a "hold" rating to a "buy" rating and lowered their target price for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. One 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $66.00.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI traded up $0.27 during midday trading on Wednesday, hitting $28.89. The stock had a trading volume of 19,417 shares, compared to its average volume of 324,722. The company has a market capitalization of $614.49 million, a PE ratio of 6.01 and a beta of 0.61. The stock has a 50 day moving average price of $30.22 and a two-hundred day moving average price of $40.91. 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, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.12 per share. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.66%. MGP Ingredients's payout ratio is currently 31.79%.

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.