Prudential Financial Inc. Sells 5,036 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Prudential Financial Inc. reduced its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 26.1% in the fourth quarter, Holdings Channel reports. The fund owned 14,258 shares of the company’s stock after selling 5,036 shares during the quarter. Prudential Financial Inc.’s holdings in MGP Ingredients were worth $561,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of MGPI. GAMMA Investing LLC lifted its stake in MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares during the last quarter. Versant Capital Management Inc lifted its position 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 valued at $28,000 after buying an additional 460 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after acquiring an additional 687 shares during the period. AlphaQuest LLC increased its holdings in MGP Ingredients by 1,167.8% in the 4th quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock worth $149,000 after acquiring an additional 3,480 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new stake in MGP Ingredients in the 3rd quarter valued at about $235,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Insider Buying and Selling

In other news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction 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 transaction, the director now 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 Securities & Exchange Commission, which is available at this link. 36.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Roth Mkm cut their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, Wells Fargo & Company cut their price target on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. 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 stock. According to MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus target price of $66.00.

MGP Ingredients Price Performance

NASDAQ:MGPI opened at $26.51 on Wednesday. MGP Ingredients, Inc. has a 52-week low of $25.12 and a 52-week high of $92.52. The stock has a fifty day moving average of $31.49 and a 200 day moving average of $44.79. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market capitalization of $563.87 million, a price-to-earnings ratio of 5.51 and a beta of 0.61.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Friday, March 14th. MGP Ingredients’s payout ratio is 31.79%.

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.