333,376 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 333,376 shares of the company’s stock, valued at approximately $13,125,000.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after buying an additional 431 shares during the period. Versant Capital Management Inc boosted its position in MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after buying an additional 460 shares during the period. First Horizon Advisors Inc. boosted its position in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares during the period. Point72 DIFC Ltd boosted its position in MGP Ingredients by 2,375.6% in the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after buying an additional 974 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in MGP Ingredients by 187.9% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,261 shares of the company’s stock valued at $105,000 after buying an additional 823 shares during the period. 77.11% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients Trading Down 3.6 %

NASDAQ MGPI opened at $30.43 on Thursday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm has a market cap of $647.25 million, a PE ratio of 6.33 and a beta of 0.57. The company has a 50 day moving average price of $33.77 and a 200 day moving average price of $50.75. MGP Ingredients, Inc. has a 52 week low of $29.84 and a 52 week high of $92.52.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.58%. MGP Ingredients’s dividend payout ratio (DPR) is presently 31.79%.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 28,304 shares of the business’s 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 transaction, the director now owns 283,569 shares in the company, valued at $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 36.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. 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 report on Monday, December 23rd. Wells Fargo & Company lowered their price target on shares of 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, StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

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.