Raymond James Financial Inc. Buys New Shares in MGP Ingredients, Inc. (NASDAQ:MGPI)

Raymond James Financial Inc. purchased a new position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 333,376 shares of the company's stock, valued at approximately $13,125,000. Raymond James Financial Inc. owned about 1.52% of MGP Ingredients as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of MGP Ingredients by 201.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock worth $5,388,000 after purchasing an additional 43,233 shares during the last quarter. Entropy Technologies LP bought a new position in MGP Ingredients during the fourth quarter worth about $335,000. Principal Financial Group Inc. lifted its holdings in MGP Ingredients by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 68,634 shares of the company's stock worth $2,702,000 after acquiring an additional 1,973 shares in the last quarter. MML Investors Services LLC lifted its holdings in MGP Ingredients by 28.2% during the third quarter. MML Investors Services LLC now owns 4,920 shares of the company's stock worth $410,000 after acquiring an additional 1,083 shares in the last quarter. Finally, NFJ Investment Group LLC bought a new position in MGP Ingredients during the third quarter worth about $3,181,000. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Stock Down 2.3 %

Shares of MGPI traded down $0.71 during midday trading on Friday, hitting $29.55. The stock had a trading volume of 422,428 shares, compared to its average volume of 301,559. The company has a 50 day simple moving average of $33.54 and a two-hundred day simple moving average of $49.93. MGP Ingredients, Inc. has a twelve month low of $29.53 and a twelve month high of $92.52. The firm has a market cap of $628.53 million, a price-to-earnings ratio of 6.14 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

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MGP Ingredients Dividend Announcement

The business 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Friday, March 14th. MGP Ingredients's dividend payout ratio is currently 31.79%.

Analyst Ratings Changes

Several research firms have weighed in on MGPI. Lake Street Capital upgraded MGP Ingredients from a "hold" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a report on Friday, February 28th. Roth Mkm reduced their target price on MGP Ingredients from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, December 23rd. Finally, Wells Fargo & Company reduced their target price on MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. 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. Based on data from MarketBeat.com, MGP Ingredients has an average rating of "Moderate Buy" and a consensus price target of $67.00.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the sale, the director now owns 283,569 shares of the company's stock, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is owned by company insiders.

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.