Barnett & Company Inc. Sells 1,050 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Barnett & Company Inc. decreased its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 7.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,250 shares of the company’s stock after selling 1,050 shares during the period. Barnett & Company Inc. owned 0.06% of MGP Ingredients worth $522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc raised its stake in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the period. First Horizon Advisors Inc. grew its position 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 purchasing an additional 322 shares during the period. PNC Financial Services Group Inc. increased its position in shares of MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after acquiring an additional 687 shares in the last quarter. Finally, Point72 DIFC Ltd lifted its holdings in shares of MGP Ingredients by 2,375.6% in the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock valued at $84,000 after purchasing an additional 974 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on MGPI shares. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Wells Fargo & Company reduced their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Roth Mkm reduced their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Finally, Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 28,304 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the sale, the director now directly owns 283,569 shares in the company, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 36.20% of the stock is owned by corporate insiders.

MGP Ingredients Trading Down 2.3 %

Shares of NASDAQ:MGPI opened at $29.55 on Monday. The stock’s 50-day simple moving average is $33.54 and its two-hundred day simple moving average is $49.66. MGP Ingredients, Inc. has a 52-week low of $29.53 and a 52-week high of $92.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock has a market capitalization of $628.53 million, a price-to-earnings ratio of 6.14 and a beta of 0.57.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.62%. MGP Ingredients’s dividend payout ratio (DPR) is currently 31.79%.

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.