Massachusetts Financial Services Co. MA Has $22.80 Million Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Massachusetts Financial Services Co. MA boosted its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 16.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 579,067 shares of the company's stock after purchasing an additional 83,445 shares during the period. Massachusetts Financial Services Co. MA owned approximately 2.64% of MGP Ingredients worth $22,798,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of MGP Ingredients by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company's stock worth $44,337,000 after purchasing an additional 7,471 shares during the last quarter. State Street Corp grew its position in MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company's stock worth $59,746,000 after buying an additional 131,542 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of MGP Ingredients in the fourth quarter valued at $13,125,000. Assenagon Asset Management S.A. increased 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 buying an additional 175,142 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of MGP Ingredients by 22.4% during the 4th quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company's stock valued at $6,980,000 after acquiring an additional 32,488 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Stock Up 1.0 %

NASDAQ:MGPI traded up $0.28 on Friday, hitting $28.30. 296,513 shares of the company's stock traded hands, compared to its average volume of 320,267. The firm has a 50-day moving average price of $30.97 and a 200-day moving average price of $43.56. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market cap of $601.94 million, a PE ratio of 5.88 and a beta of 0.61. 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 disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.70%. MGP Ingredients's dividend payout ratio is presently 31.79%.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 28,304 shares of the business's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the transaction, the director now directly owns 283,569 shares in the company, valued at $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 36.20% of the company's stock.

Analyst Ratings Changes

MGPI has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their target price on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 2nd. StockNews.com downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and decreased their target price for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, Roth Mkm cut their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $66.00.

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.