Proficio Capital Partners LLC Purchases Shares of 21,142 MGP Ingredients, Inc. (NASDAQ:MGPI)

Proficio Capital Partners LLC acquired a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 21,142 shares of the company's stock, valued at approximately $832,000. Proficio Capital Partners LLC owned 0.10% of MGP Ingredients at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MGPI. Massachusetts Financial Services Co. MA boosted its holdings in MGP Ingredients by 67.4% in the 3rd 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 during the period. Assenagon Asset Management S.A. boosted its holdings in MGP Ingredients by 1,292.5% in the 4th 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 during the period. FMR LLC boosted its holdings in MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company's stock valued at $91,824,000 after purchasing an additional 137,292 shares during the period. State Street Corp boosted its holdings in MGP Ingredients by 22.4% in the 3rd 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. Finally, Portolan Capital Management LLC bought a new stake in MGP Ingredients in the 3rd quarter valued at $6,777,000. 77.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MGPI shares. StockNews.com downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Roth Mkm dropped their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, December 23rd. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and dropped their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $67.00.

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MGP Ingredients Price Performance

Shares of MGP Ingredients stock traded down $0.22 during mid-day trading on Friday, reaching $34.01. 427,135 shares of the stock were exchanged, compared to its average volume of 419,633. The company has a market cap of $723.39 million, a price-to-earnings ratio of 7.07 and a beta of 0.57. 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 firm has a 50-day simple moving average of $34.87 and a 200 day simple moving average of $54.03. MGP Ingredients, Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $92.52.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients's dividend payout ratio (DPR) is currently 31.79%.

MGP Ingredients 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.