Proficio Capital Partners LLC Acquires New Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Proficio Capital Partners LLC acquired a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,142 shares of the company’s stock, valued at approximately $832,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MGPI. Massachusetts Financial Services Co. MA increased its holdings in MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock valued at $41,261,000 after purchasing an additional 199,550 shares during the period. Assenagon Asset Management S.A. increased its holdings in MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after purchasing an additional 175,142 shares during the period. FMR LLC increased its holdings in MGP Ingredients by 14.2% in the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after purchasing an additional 137,292 shares during the period. State Street Corp increased its holdings in MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after purchasing an additional 131,542 shares during the period. Finally, Portolan Capital Management LLC acquired a new stake in MGP Ingredients during the 3rd quarter worth about $6,777,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Stock Performance

Shares of MGPI opened at $29.55 on Friday. 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 has a 50-day moving average of $33.54 and a 200-day moving average of $49.93. The company has a market cap of $628.53 million, a PE ratio of 6.14 and a beta of 0.57. MGP Ingredients, Inc. has a one year low of $29.53 and a one year high of $92.52.

MGP Ingredients Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.62%. MGP Ingredients’s dividend payout ratio is presently 31.79%.

Analysts Set New Price Targets

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

Insider Activity

In other news, Director Karen Seaberg bought 5,348 shares of MGP Ingredients 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 directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. This represents a 1.51 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is currently owned by company insiders.

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.