MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. lowered its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 87.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,388 shares of the company's stock after selling 9,400 shares during the quarter. Summit Investment Advisors Inc.'s holdings in MGP Ingredients were worth $55,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in MGP Ingredients in the 3rd quarter valued at approximately $373,000. World Investment Advisors LLC bought a new position in shares of MGP Ingredients in the third quarter worth $6,100,000. JPMorgan Chase & Co. increased its holdings in shares of MGP Ingredients by 201.2% during the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock valued at $5,388,000 after purchasing an additional 43,233 shares during the period. Versant Capital Management Inc raised its stake in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after purchasing an additional 431 shares during the period. Institutional investors own 77.11% of the company's stock.

MGP Ingredients Trading Down 0.8 %

MGP Ingredients stock opened at $28.40 on Thursday. MGP Ingredients, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52. The firm's 50 day moving average price is $30.13 and its two-hundred day moving average price is $40.83. The firm has a market cap of $604.07 million, a price-to-earnings ratio of 5.90 and a beta of 0.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Friday, March 14th. MGP Ingredients's dividend payout ratio (DPR) is presently 31.79%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and reduced their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. Finally, Wells Fargo & Company lowered their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $66.00.

Get Our Latest Stock Analysis on MGP Ingredients

Insider Activity

In other news, Director Karen Seaberg acquired 5,348 shares of MGP Ingredients stock in a transaction on Tuesday, March 11th. The stock was bought at an average cost of $32.59 per share, with a total value of $174,291.32. Following the completion of the purchase, the director now owns 358,899 shares of the company's stock, valued at $11,696,518.41. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 36.20% of the stock is currently owned by company 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.

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