PNC Financial Services Group Inc. Acquires 687 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

PNC Financial Services Group Inc. grew its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 56.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,913 shares of the company’s stock after purchasing an additional 687 shares during the period. PNC Financial Services Group Inc.’s holdings in MGP Ingredients were worth $75,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Edgestream Partners L.P. purchased a new position in MGP Ingredients in the 4th quarter worth about $3,679,000. Raymond James Financial Inc. purchased a new position in shares of MGP Ingredients during the fourth quarter worth approximately $13,125,000. Aigen Investment Management LP bought a new stake in shares of MGP Ingredients during the fourth quarter valued at approximately $254,000. Proficio Capital Partners LLC purchased a new stake in shares of MGP Ingredients in the fourth quarter valued at approximately $832,000. Finally, Assetmark Inc. grew its stake in MGP Ingredients by 9.6% in the fourth quarter. Assetmark Inc. now owns 12,475 shares of the company’s stock worth $491,000 after purchasing an additional 1,092 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Wells Fargo & Company cut their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Roth Mkm lowered their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. Finally, Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut 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 assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

MGP Ingredients Trading Down 1.6 %

Shares of NASDAQ MGPI 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 business has a fifty day moving average price of $33.25 and a 200 day moving average price of $48.83. The stock has a market capitalization of $613.64 million, a P/E ratio of 6.00 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

Insider Activity

In related news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares of the company’s stock, valued at $8,739,596.58. This represents a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 36.20% of the company’s stock.

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.