MGP Ingredients, Inc. (NASDAQ:MGPI) Stock Holdings Boosted by Assetmark Inc.

Assetmark Inc. grew its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 9.6% during the 4th quarter, Holdings Channel reports. The firm owned 12,475 shares of the company’s stock after purchasing an additional 1,092 shares during the period. Assetmark Inc.’s holdings in MGP Ingredients were worth $491,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Illumine Investment Management LLC bought a new stake in MGP Ingredients in the fourth quarter worth about $263,000. Proficio Capital Partners LLC acquired a new stake in MGP Ingredients during the fourth quarter valued at approximately $832,000. Bank of New York Mellon Corp grew its position in MGP Ingredients by 22.4% in the fourth quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company’s stock worth $6,980,000 after buying an additional 32,488 shares during the last quarter. Principal Financial Group Inc. grew its position in MGP Ingredients by 3.0% in 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 during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of 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 buying an additional 1,754 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Down 2.9 %

NASDAQ:MGPI opened at $30.52 on Thursday. The stock has a market cap of $649.16 million, a PE ratio of 6.35 and a beta of 0.57. MGP Ingredients, Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock’s 50-day moving average is $34.61 and its two-hundred day moving average is $52.98.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.57%. MGP Ingredients’s dividend payout ratio is presently 31.79%.

Insiders Place Their Bets

In related news, Director Karen Seaberg purchased 5,348 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $32.59 per share, with a total value of $174,291.32. Following the completion of the purchase, the director now owns 358,899 shares of the company’s stock, valued at $11,696,518.41. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 36.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Roth Mkm decreased their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company dropped their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. One 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. According to data from MarketBeat, the company 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.