PNC Financial Services Group Inc. Grows Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

PNC Financial Services Group Inc. lifted its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 56.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,913 shares of the company’s stock after acquiring 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 SEC filing.

Other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in MGP Ingredients by 201.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock valued at $5,388,000 after purchasing an additional 43,233 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of MGP Ingredients during the fourth quarter valued at $335,000. Principal Financial Group Inc. increased its position in shares of MGP Ingredients by 3.0% in the 4th 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 during the period. MML Investors Services LLC raised its stake in MGP Ingredients by 28.2% in the 3rd quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after acquiring an additional 1,083 shares during the last quarter. Finally, NFJ Investment Group LLC acquired a new stake in MGP Ingredients during the 3rd quarter worth about $3,181,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Trading Down 1.6 %

Shares of NASDAQ:MGPI opened at $28.85 on Wednesday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 12-month low of $28.65 and a 12-month high of $92.52. The business has a 50 day moving average of $33.25 and a two-hundred day moving average of $48.83. The company has a market capitalization of $613.64 million, a PE ratio of 6.00 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.12 dividend. 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 dividend payout ratio is currently 31.79%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Roth Mkm cut their price objective 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 upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut 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 objective on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. 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 analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Insider Buying and Selling

In other news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was 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 directly owns 283,569 shares of the company’s stock, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 36.20% of the stock is currently owned by insiders.

MGP Ingredients 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.