Legal & General Group Plc Has $1.52 Million Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Legal & General Group Plc trimmed its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,682 shares of the company’s stock after selling 1,064 shares during the period. Legal & General Group Plc’s holdings in MGP Ingredients were worth $1,523,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MGPI. GAMMA Investing LLC raised its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of 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. Isthmus Partners LLC raised its position in shares of MGP Ingredients by 1.8% during the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock worth $1,511,000 after acquiring an additional 684 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after acquiring an additional 687 shares during the period. Finally, Assetmark Inc. boosted its holdings in MGP Ingredients by 9.6% in the fourth quarter. Assetmark Inc. now owns 12,475 shares of the company’s stock valued at $491,000 after acquiring an additional 1,092 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on MGPI shares. Truist Financial dropped their price objective on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and reduced their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Wells Fargo & Company dropped their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd. Finally, StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.29.

Insiders Place Their Bets

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 stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the transaction, the director now directly owns 283,569 shares in the company, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Price Performance

Shares of MGPI stock opened at $29.19 on Friday. MGP Ingredients, Inc. has a 12-month low of $25.12 and a 12-month high of $92.52. The firm has a market capitalization of $620.87 million, a price-to-earnings ratio of 6.07 and a beta of 0.61. 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 fifty day moving average of $29.98 and a 200-day moving average of $40.13.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.64%. MGP Ingredients’s dividend payout ratio is presently 31.79%.

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.