Gabelli Funds LLC Sells 2,500 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Gabelli Funds LLC lessened its stake in MGP Ingredients, Inc. (NASDAQ:MGPIFree Report) by 23.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,000 shares of the company’s stock after selling 2,500 shares during the period. Gabelli Funds LLC’s holdings in MGP Ingredients were worth $844,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in shares of MGP Ingredients by 58.0% in the 3rd quarter. Victory Capital Management Inc. now owns 217,403 shares of the company’s stock valued at $22,932,000 after purchasing an additional 79,791 shares in the last quarter. KLR Investment Advisors LLC boosted its stake in shares of MGP Ingredients by 5.8% in the 3rd quarter. KLR Investment Advisors LLC now owns 2,911 shares of the company’s stock valued at $282,000 after purchasing an additional 159 shares in the last quarter. Redwood Investments LLC boosted its stake in shares of MGP Ingredients by 14.2% in the 3rd quarter. Redwood Investments LLC now owns 140,494 shares of the company’s stock valued at $14,819,000 after purchasing an additional 17,498 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of MGP Ingredients by 5.3% in the 2nd quarter. Rhumbline Advisers now owns 52,043 shares of the company’s stock valued at $5,531,000 after purchasing an additional 2,603 shares in the last quarter. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of MGP Ingredients in the 3rd quarter valued at $524,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Down 0.2 %

NASDAQ:MGPI opened at $85.44 on Friday. The company has a fifty day moving average of $92.14 and a 200 day moving average of $100.93. MGP Ingredients, Inc. has a 52 week low of $81.11 and a 52 week high of $124.96. The company has a quick ratio of 1.79, a current ratio of 5.59 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $1.88 billion, a P/E ratio of 19.33, a P/E/G ratio of 1.25 and a beta of 0.78.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 2,544 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $99.68, for a total transaction of $253,585.92. Following the completion of the sale, the director now directly owns 55,377 shares in the company, valued at approximately $5,519,979.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO David Colo acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was acquired at an average cost of $87.70 per share, for a total transaction of $87,700.00. Following the acquisition, the chief executive officer now owns 83,782 shares of the company’s stock, valued at $7,347,681.40. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Seaberg sold 2,544 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $99.68, for a total transaction of $253,585.92. Following the completion of the transaction, the director now owns 55,377 shares of the company’s stock, valued at $5,519,979.36. The disclosure for this sale can be found here. 28.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Thursday, December 14th.

View Our Latest Research Report on MGP Ingredients

MGP Ingredients Company Profile

(Free Report)

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients in the United States and internationally. It operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions. The Distillery Solutions segment provides food grade alcohol for beverage applications that include bourbon and rye, whiskeys, as well as grain neutral spirits, include vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.

Further Reading

Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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