MGP Ingredients, Inc. (NASDAQ:MGPI) Stock Position Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 3.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,634 shares of the company’s stock after buying an additional 1,973 shares during the period. Principal Financial Group Inc. owned about 0.31% of MGP Ingredients worth $2,702,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its position in shares of MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares during the period. Assetmark Inc. raised its position in shares of MGP Ingredients by 6.5% during the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock worth $948,000 after purchasing an additional 699 shares during the period. Atria Investments Inc acquired a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $304,000. GSA Capital Partners LLP acquired a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $1,010,000. Finally, Prime Capital Investment Advisors LLC acquired a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $201,000. Institutional investors own 77.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on MGPI shares. Wells Fargo & Company lowered their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Roth Mkm lowered their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI opened at $32.37 on Wednesday. The firm has a market cap of $688.51 million, a P/E ratio of 6.73 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock has a fifty day moving average price of $35.38 and a two-hundred day moving average price of $55.32. MGP Ingredients, Inc. has a 1 year low of $31.31 and a 1 year high of $92.52.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s dividend payout ratio is presently 31.79%.

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.