AlphaQuest LLC Buys 3,480 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

AlphaQuest LLC boosted its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 1,167.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,778 shares of the company’s stock after purchasing an additional 3,480 shares during the quarter. AlphaQuest LLC’s holdings in MGP Ingredients were worth $149,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of MGP Ingredients by 201.2% in the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock valued at $5,388,000 after acquiring an additional 43,233 shares during the period. Entropy Technologies LP bought a new stake in shares of MGP Ingredients in the fourth quarter valued at approximately $335,000. Principal Financial Group Inc. boosted its position in shares of MGP Ingredients by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 68,634 shares of the company’s stock valued at $2,702,000 after acquiring an additional 1,973 shares during the period. MML Investors Services LLC boosted its position in shares of MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock valued at $410,000 after acquiring an additional 1,083 shares during the period. Finally, NFJ Investment Group LLC bought a new stake in shares of MGP Ingredients in the third quarter valued at approximately $3,181,000. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Stock Performance

MGP Ingredients stock opened at $32.42 on Tuesday. 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 stock has a fifty day moving average price of $34.00 and a two-hundred day moving average price of $51.30. MGP Ingredients, Inc. has a 52-week low of $29.84 and a 52-week high of $92.52. The firm has a market capitalization of $689.57 million, a P/E ratio of 6.74 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.12 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.48%. MGP Ingredients’s dividend payout ratio (DPR) is presently 31.79%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MGPI shares. Lake Street Capital raised 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 report on Thursday, February 27th. Roth Mkm reduced their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. Wells Fargo & Company reduced their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Insider Activity

In other MGP Ingredients news, Director Karen Seaberg bought 5,348 shares of the stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the purchase, the director now owns 358,899 shares in the company, valued at $11,696,518.41. This represents a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

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.