Illumine Investment Management LLC Acquires New Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Illumine Investment Management LLC acquired a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,679 shares of the company’s stock, valued at approximately $263,000.

A number of other large investors have also recently made changes to their positions in the stock. Proficio Capital Partners LLC purchased a new stake in shares of MGP Ingredients in the 4th quarter valued at $832,000. Bank of New York Mellon Corp boosted its holdings in shares of MGP Ingredients by 22.4% in the 4th quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company’s stock valued at $6,980,000 after acquiring an additional 32,488 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of MGP Ingredients by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 68,634 shares of the company’s stock valued at $2,702,000 after buying an additional 1,973 shares during the last quarter. Rhumbline Advisers raised its stake in shares of MGP Ingredients by 4.4% during the 4th quarter. Rhumbline Advisers now owns 41,464 shares of the company’s stock valued at $1,632,000 after buying an additional 1,754 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of MGP Ingredients in the fourth quarter worth about $335,000. 77.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MGPI shares. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $45.00 in a research note on Thursday. Wells Fargo & Company cut their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Truist Financial lowered their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, MGP Ingredients presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

MGP Ingredients Stock Up 3.2 %

MGPI opened at $33.26 on Friday. 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 business has a 50 day simple moving average of $35.67 and a 200-day simple moving average of $56.47. The stock has a market capitalization of $730.16 million, a P/E ratio of 6.91 and a beta of 0.62. MGP Ingredients, Inc. has a 12 month low of $31.31 and a 12 month high of $92.52.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

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.