MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co lessened its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 18.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,912 shares of the company’s stock after selling 3,131 shares during the period. CANADA LIFE ASSURANCE Co owned 0.06% of MGP Ingredients worth $547,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC increased its stake 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 increased its stake in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the period. PNC Financial Services Group Inc. raised its holdings in MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after purchasing an additional 687 shares in the last quarter. AlphaQuest LLC lifted its position in MGP Ingredients by 1,167.8% in the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock valued at $149,000 after purchasing an additional 3,480 shares during the period. Finally, Virtu Financial LLC purchased a new stake in MGP Ingredients in the 3rd quarter valued at approximately $373,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price target for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Wells Fargo & Company cut their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Truist Financial decreased their price objective on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Finally, StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

MGP Ingredients Stock Up 0.4 %

Shares of NASDAQ MGPI opened at $29.55 on Wednesday. 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 firm’s 50-day moving average is $29.86 and its two-hundred day moving average is $39.16. MGP Ingredients, Inc. has a 12-month low of $25.12 and a 12-month high of $92.52. The company has a market capitalization of $628.53 million, a PE ratio of 6.14 and a beta of 0.61.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now directly owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

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.