Wasatch Advisors LP Makes New $28.39 Million Investment in MGP Ingredients, Inc. (NASDAQ:MGPI)

Wasatch Advisors LP acquired a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 721,067 shares of the company's stock, valued at approximately $28,388,000. Wasatch Advisors LP owned 3.29% of MGP Ingredients as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in MGP Ingredients in the fourth quarter worth $13,125,000. Assenagon Asset Management S.A. grew its stake 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 buying an additional 175,142 shares during the period. State Street Corp increased its position 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 buying an additional 131,542 shares in the last quarter. Trexquant Investment LP acquired a new position in MGP Ingredients during the 4th quarter worth approximately $4,072,000. Finally, Edgestream Partners L.P. acquired a new position in MGP Ingredients during the 4th quarter worth approximately $3,679,000. Institutional investors own 77.11% of the company's stock.

Wall Street Analysts Forecast Growth

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

MGP Ingredients Stock Down 1.4 %

MGPI opened at $26.74 on Thursday. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. 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's 50-day moving average is $30.58 and its 200 day moving average is $42.69. The firm has a market capitalization of $568.76 million, a P/E ratio of 5.56 and a beta of 0.61.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients's payout ratio is 31.79%.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the sale, the director now directly owns 283,569 shares of the company's stock, valued at $8,739,596.58. This trade represents a 9.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 36.20% of the stock is currently owned by company insiders.

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.

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