21,142 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in MGP Ingredients by 201.2% during the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock worth $5,388,000 after buying an additional 43,233 shares in the last quarter. Entropy Technologies LP acquired a new stake in MGP Ingredients during the fourth quarter worth approximately $335,000. Principal Financial Group Inc. grew its position in MGP Ingredients by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 68,634 shares of the company’s stock worth $2,702,000 after buying an additional 1,973 shares in the last quarter. MML Investors Services LLC lifted its stake in MGP Ingredients by 28.2% during the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after purchasing an additional 1,083 shares during the last quarter. Finally, NFJ Investment Group LLC bought a new stake in MGP Ingredients during the third quarter worth $3,181,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

Insider Activity

In other news, Director Karen Seaberg purchased 5,348 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the purchase, the director now owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. The trade was a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGPI. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and cut their target price for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Roth Mkm cut their target price 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. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company cut their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. 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, MGP Ingredients has a consensus rating of “Moderate Buy” and an average price target of $67.00.

MGP Ingredients Stock Down 2.3 %

Shares of MGPI opened at $29.55 on Friday. MGP Ingredients, Inc. has a 52 week low of $29.53 and a 52 week high of $92.52. The stock has a market capitalization of $628.53 million, a price-to-earnings ratio of 6.14 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 of $33.54 and a 200-day moving average of $49.93.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s payout ratio is 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.