Quantbot Technologies LP Acquires Shares of 29,967 MGP Ingredients, Inc. (NASDAQ:MGPI)

Quantbot Technologies LP bought a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) during the 4th quarter, HoldingsChannel reports. The fund bought 29,967 shares of the company’s stock, valued at approximately $1,180,000.

Other institutional investors have also recently made changes to their positions in the company. Isthmus Partners LLC lifted 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 valued at $1,511,000 after acquiring an additional 684 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock valued at $149,000 after purchasing an additional 3,480 shares in the last quarter. Amundi boosted its position in shares of MGP Ingredients by 200.8% during the fourth quarter. Amundi now owns 7,222 shares of the company’s stock valued at $264,000 after buying an additional 4,821 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after buying an additional 687 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in MGP Ingredients in the 4th quarter worth about $3,679,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Insider Buying and Selling at MGP Ingredients

In other 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 transaction of $872,329.28. Following the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MGPI has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price target 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. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price target for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, Roth Mkm cut their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Trading Down 1.6 %

Shares of MGP Ingredients stock opened at $28.85 on Wednesday. MGP Ingredients, Inc. has a 1-year low of $28.65 and a 1-year high of $92.52. The company’s fifty day simple moving average is $33.25 and its 200-day simple moving average is $48.83. 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 stock has a market capitalization of $613.64 million, a PE ratio of 6.00 and a beta of 0.57.

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 dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.66%. MGP Ingredients’s dividend payout ratio (DPR) is presently 31.79%.

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.