Verity Asset Management Inc. Takes $307,000 Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Verity Asset Management Inc. purchased a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 7,797 shares of the company's stock, valued at approximately $307,000.

A number of other hedge funds have also modified their holdings of MGPI. Assenagon Asset Management S.A. lifted its holdings in shares of 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 last quarter. GAMMA Investing LLC increased its stake in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company's stock valued at $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc grew its stake in MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after acquiring an additional 460 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of MGP Ingredients by 201.2% in the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock worth $5,388,000 after acquiring an additional 43,233 shares during the last quarter. Finally, World Investment Advisors LLC acquired a new stake in shares of MGP Ingredients during the 3rd quarter worth about $6,100,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on MGPI. StockNews.com raised shares of MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday, November 1st. Truist Financial lowered their target price on MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Wells Fargo & Company lowered their target price 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. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Finally, TD Cowen downgraded MGP Ingredients from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, MGP Ingredients has a consensus rating of "Moderate Buy" and a consensus price target of $71.29.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares of the company's stock, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 36.20% of the stock is currently owned by company insiders.

MGP Ingredients Price Performance

NASDAQ:MGPI traded down $0.89 during mid-day trading on Friday, reaching $32.92. 313,003 shares of the company were exchanged, compared to its average volume of 325,703. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $39.40 and a 200 day moving average of $61.64. MGP Ingredients, Inc. has a 12 month low of $32.80 and a 12 month high of $92.90. The stock has a market cap of $722.59 million, a PE ratio of 6.84 and a beta of 0.62.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.46%. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

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.