Entropy Technologies LP Buys New Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Entropy Technologies LP acquired a new position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 8,498 shares of the company's stock, valued at approximately $335,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MGPI. GAMMA Investing LLC grew its position in MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after buying an additional 431 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company's stock worth $28,000 after acquiring an additional 460 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after purchasing an additional 186 shares during the period. First Horizon Advisors Inc. raised its position in shares of MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock worth $63,000 after purchasing an additional 322 shares during the period. Finally, Point72 DIFC Ltd lifted its holdings in shares of MGP Ingredients by 2,375.6% during the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company's stock valued at $84,000 after purchasing an additional 974 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Stock Up 2.4 %

Shares of NASDAQ:MGPI traded up $0.78 during trading on Monday, reaching $33.15. 352,325 shares of the company traded hands, compared to its average volume of 325,703. The firm has a fifty day simple moving average of $37.58 and a 200 day simple moving average of $58.97. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 1-year low of $31.81 and a 1-year high of $92.90. The firm has a market cap of $727.64 million, a P/E ratio of 6.89 and a beta of 0.62.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wells Fargo & Company cut their price objective on MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Roth Mkm reduced their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, December 23rd. TD Cowen lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial cut their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Finally, StockNews.com raised MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, MGP Ingredients presently has an average rating of "Moderate Buy" and a consensus target price of $71.29.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares of the company's stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 36.20% of the stock is owned by corporate 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.