MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lowered its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 131,583 shares of the company’s stock after selling 1,354 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.60% of MGP Ingredients worth $5,180,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MGPI. Illumine Investment Management LLC purchased a new stake in MGP Ingredients in the fourth quarter valued at $263,000. Proficio Capital Partners LLC purchased a new stake in shares of MGP Ingredients in the fourth quarter worth about $832,000. Bank of New York Mellon Corp grew its holdings in MGP Ingredients by 22.4% during the fourth quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company’s stock worth $6,980,000 after acquiring an additional 32,488 shares during the period. Principal Financial Group Inc. raised 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 valued at $2,702,000 after acquiring an additional 1,973 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in MGP Ingredients by 4.4% in the fourth quarter. Rhumbline Advisers now owns 41,464 shares of the company’s stock valued at $1,632,000 after acquiring an additional 1,754 shares during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg bought 5,348 shares of MGP Ingredients stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the acquisition, the director now directly owns 358,899 shares of the company’s stock, valued at $11,696,518.41. The trade was a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is currently owned by corporate insiders.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $28.85 on Wednesday. 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 market capitalization of $613.64 million, a PE ratio of 6.00 and a beta of 0.57. MGP Ingredients, Inc. has a fifty-two week low of $28.65 and a fifty-two week high of $92.52. The company has a fifty day moving average of $33.25 and a two-hundred day moving average of $48.83.

MGP Ingredients Dividend Announcement

The business also recently declared 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 of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.66%. MGP Ingredients’s dividend payout ratio (DPR) is presently 31.79%.

Wall Street Analysts Forecast Growth

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

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.