JPMorgan Chase & Co. Acquires 65,823 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

JPMorgan Chase & Co. raised its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 101.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 130,546 shares of the company's stock after buying an additional 65,823 shares during the period. JPMorgan Chase & Co. owned 0.59% of MGP Ingredients worth $5,140,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company's stock valued at $27,000 after acquiring an additional 431 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company's stock worth $28,000 after purchasing an additional 460 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after buying an additional 687 shares during the last quarter. AlphaQuest LLC grew its position in MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock valued at $149,000 after buying an additional 3,480 shares during the period. Finally, Aigen Investment Management LP purchased a new position in MGP Ingredients in the fourth quarter valued at about $254,000. Institutional investors own 77.11% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their price objective on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. StockNews.com cut MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. Finally, Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. One 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's stock. According to MarketBeat, MGP Ingredients currently has an average rating of "Moderate Buy" and an average target price of $66.00.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred on 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 directly owns 283,569 shares in the company, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 36.20% of the company's stock.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI traded down $0.62 during mid-day trading on Wednesday, hitting $28.00. The company had a trading volume of 167,329 shares, compared to its average volume of 325,334. 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. The company has a market capitalization of $595.56 million, a price-to-earnings ratio of 5.83 and a beta of 0.61. The stock's 50-day moving average price is $30.22 and its 200-day moving average price is $40.91.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients's dividend payout ratio is presently 31.79%.

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.