MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 22.4% in the 4th quarter, HoldingsChannel reports. The fund owned 177,291 shares of the company’s stock after acquiring an additional 32,488 shares during the period. Bank of New York Mellon Corp’s holdings in MGP Ingredients were worth $6,980,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of MGPI. GAMMA Investing LLC raised its holdings 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 acquiring an additional 431 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after buying an additional 322 shares during the last quarter. Point72 DIFC Ltd increased its holdings in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after buying an additional 974 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of MGP Ingredients by 187.9% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,261 shares of the company’s stock worth $105,000 after buying an additional 823 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Stock Up 0.1 %

Shares of MGP Ingredients stock opened at $30.87 on Friday. The company has a fifty day moving average price of $34.12 and a 200 day moving average price of $51.98. 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 twelve month low of $29.84 and a twelve month high of $92.52. The stock has a market cap of $656.60 million, a price-to-earnings ratio of 6.42 and a beta of 0.57.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 1.55%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MGPI shares. Roth Mkm dropped their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company dropped their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One equities 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 36.20% of the stock is currently owned by corporate 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.