Proficio Capital Partners LLC Takes Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Proficio Capital Partners LLC acquired a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 21,142 shares of the company’s stock, valued at approximately $832,000. Proficio Capital Partners LLC owned approximately 0.10% of MGP Ingredients at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MGPI. Massachusetts Financial Services Co. MA lifted its holdings in shares of MGP Ingredients by 67.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock valued at $41,261,000 after purchasing an additional 199,550 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of MGP Ingredients by 1,292.5% during 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 in the last quarter. FMR LLC lifted its holdings in shares of MGP Ingredients by 14.2% during the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after purchasing an additional 137,292 shares in the last quarter. State Street Corp lifted its holdings in shares of MGP Ingredients by 22.4% during the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after purchasing an additional 131,542 shares in the last quarter. Finally, Portolan Capital Management LLC bought a new position in shares of MGP Ingredients during the 3rd quarter valued at about $6,777,000. Institutional investors own 77.11% of the company’s stock.

Analyst Ratings Changes

MGPI has been the subject of a number of recent research reports. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and reduced their price target for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Wells Fargo & Company reduced their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Roth Mkm reduced their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Trading Down 0.6 %

NASDAQ MGPI opened at $34.01 on Friday. The company has a market cap of $723.39 million, a PE ratio of 7.07 and a beta of 0.57. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 12 month low of $31.31 and a 12 month high of $92.52. The stock has a 50 day moving average of $34.87 and a 200-day moving average of $54.03.

MGP Ingredients Dividend Announcement

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 issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s payout ratio 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.