6,679 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Bought by Illumine Investment Management LLC

Illumine Investment Management LLC acquired a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,679 shares of the company’s stock, valued at approximately $263,000.

A number of other hedge funds have also recently modified their holdings of the business. Creative Planning raised its stake in MGP Ingredients by 66.3% during the third quarter. Creative Planning now owns 13,145 shares of the company’s stock valued at $1,094,000 after buying an additional 5,241 shares during the last quarter. Congress Asset Management Co. increased its holdings in shares of MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after acquiring an additional 76,835 shares in the last quarter. Rice Hall James & Associates LLC purchased a new position in shares of MGP Ingredients in the 3rd quarter worth about $6,545,000. Farther Finance Advisors LLC grew its holdings in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in shares of MGP Ingredients by 6.5% in the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock worth $948,000 after purchasing an additional 699 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Up 3.2 %

Shares of MGPI opened at $33.26 on Friday. 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 has a market cap of $730.16 million, a P/E ratio of 6.91 and a beta of 0.62. The company has a 50 day simple moving average of $35.67 and a two-hundred day simple moving average of $56.47. MGP Ingredients, Inc. has a 1 year low of $31.31 and a 1 year high of $92.52.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.44%. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MGPI. Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price target for the stock from $55.00 to $45.00 in a research note on Thursday. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company dropped their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $67.00.

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.