Invesco Ltd. boosted its stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 60.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,634 shares of the company's stock after buying an additional 32,252 shares during the quarter. Invesco Ltd. owned approximately 0.39% of MGP Ingredients worth $3,371,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc grew its stake in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. Isthmus Partners LLC increased its position in MGP Ingredients by 1.8% in the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company's stock worth $1,511,000 after purchasing an additional 684 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after buying an additional 687 shares during the last quarter. Finally, Assetmark Inc. grew its stake in shares of MGP Ingredients by 9.6% in the 4th quarter. Assetmark Inc. now owns 12,475 shares of the company's stock valued at $491,000 after buying an additional 1,092 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.
MGP Ingredients Stock Up 0.8 %
MGPI stock opened at $29.19 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company has a 50-day moving average of $29.98 and a two-hundred day moving average of $39.58. The stock has a market capitalization of $620.87 million, a price-to-earnings ratio of 6.07 and a beta of 0.61. MGP Ingredients, Inc. has a 52-week low of $25.12 and a 52-week high of $92.52.
MGP Ingredients Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, March 14th. MGP Ingredients's dividend payout ratio is currently 31.79%.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on MGPI. 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 report on Wednesday, April 2nd. Truist Financial cut their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday. StockNews.com cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th. Finally, Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and reduced their price target for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. One equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $60.29.
View Our Latest Stock Analysis on MGP Ingredients
Insider Transactions at MGP Ingredients
In related news, Director Karen Seaberg acquired 5,348 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the transaction, the director now owns 358,899 shares of the company's stock, valued at approximately $11,696,518.41. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 36.20% of the company's stock.
MGP Ingredients Company Profile
(
Free Report)
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.
Further Reading
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