Entropy Technologies LP Invests $335,000 in MGP Ingredients, Inc. (NASDAQ:MGPI)

Entropy Technologies LP purchased a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 8,498 shares of the company’s stock, valued at approximately $335,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGPI. GAMMA Investing LLC raised its stake in shares of MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after acquiring an additional 460 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares in the last quarter. Finally, Point72 DIFC Ltd raised its stake in shares of MGP Ingredients by 2,375.6% in the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after acquiring an additional 974 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MGPI. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. Roth Mkm cut their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.29.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI opened at $32.37 on Friday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $38.07 and its two-hundred day moving average is $59.97. The company has a market cap of $710.52 million, a P/E ratio of 6.73 and a beta of 0.62. MGP Ingredients, Inc. has a 12 month low of $31.81 and a 12 month high of $92.90.

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.