Gabelli Funds LLC cut its stake in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 26.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,500 shares of the company’s stock after selling 18,500 shares during the period. Gabelli Funds LLC owned approximately 0.31% of MGP Ingredients worth $3,959,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of MGPI. SG Americas Securities LLC purchased a new stake in MGP Ingredients during the 3rd quarter valued at approximately $128,000. Suntrust Banks Inc. purchased a new stake in MGP Ingredients during the 2nd quarter valued at approximately $208,000. Acadian Asset Management LLC purchased a new stake in MGP Ingredients during the 4th quarter valued at approximately $272,000. Voya Investment Management LLC raised its stake in MGP Ingredients by 10.8% during the 2nd quarter. Voya Investment Management LLC now owns 6,639 shares of the company’s stock valued at $340,000 after acquiring an additional 649 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in MGP Ingredients by 74.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 5,706 shares of the company’s stock valued at $346,000 after acquiring an additional 2,442 shares during the last quarter. 98.56% of the stock is owned by hedge funds and other institutional investors.
Several research firms have issued reports on MGPI. Stifel Nicolaus began coverage on MGP Ingredients in a research report on Tuesday, December 5th. They set a “hold” rating and a $73.00 target price on the stock. Zacks Investment Research cut MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Thursday, November 23rd. SunTrust Banks reiterated a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Craig Hallum reiterated a “buy” rating and set a $105.00 target price (up previously from $90.00) on shares of MGP Ingredients in a research report on Monday, January 29th. Finally, Sidoti upgraded MGP Ingredients from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $81.00.
MGP Ingredients Inc (MGPI) opened at $82.48 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.54 and a current ratio of 4.45. MGP Ingredients Inc has a 52-week low of $42.56 and a 52-week high of $90.34. The stock has a market capitalization of $1,379.29, a P/E ratio of 47.67, a price-to-earnings-growth ratio of 2.52 and a beta of 1.01.
In other MGP Ingredients news, Director Karen Seaberg sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $73.90, for a total transaction of $1,478,000.00. Following the transaction, the director now owns 10,591 shares in the company, valued at approximately $782,674.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen J. Glaser sold 5,800 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $74.92, for a total value of $434,536.00. Following the transaction, the vice president now owns 17,080 shares in the company, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. Insiders own 23.50% of the company’s stock.
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About MGP Ingredients
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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