Bank of New York Mellon Corp Boosts Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Bank of New York Mellon Corp boosted its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 22.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 177,291 shares of the company's stock after purchasing an additional 32,488 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.81% of MGP Ingredients worth $6,980,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MGPI. FMR LLC boosted its holdings in MGP Ingredients by 14.2% during the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company's stock valued at $91,824,000 after acquiring an additional 137,292 shares during the period. State Street Corp boosted its stake in shares of MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company's stock valued at $59,746,000 after purchasing an additional 131,542 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company's stock valued at $41,261,000 after purchasing an additional 199,550 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company's stock valued at $7,429,000 after purchasing an additional 175,142 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in MGP Ingredients by 265.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 82,318 shares of the company's stock worth $6,853,000 after buying an additional 59,805 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several research firms have commented on MGPI. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and dropped their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Roth Mkm lowered their target price on MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, December 23rd. Wells Fargo & Company reduced their price target on 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, StockNews.com downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, MGP Ingredients presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

MGP Ingredients Stock Down 4.1 %

Shares of NASDAQ:MGPI traded down $1.29 on Wednesday, hitting $30.28. 147,505 shares of the company's stock were exchanged, compared to its average volume of 298,770. MGP Ingredients, Inc. has a 1-year low of $29.84 and a 1-year high of $92.52. The company has a market capitalization of $644.06 million, a PE ratio of 6.30 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm's 50-day moving average is $33.90 and its 200 day moving average is $50.90.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Friday, March 14th. MGP Ingredients's payout ratio is 31.79%.

Insider Buying and Selling

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

MGP Ingredients Company Profile

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.