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

Entropy Technologies LP purchased a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) during the 4th quarter, HoldingsChannel reports. The fund purchased 8,498 shares of the company’s stock, valued at approximately $335,000.

A number of other large investors have also recently bought and sold shares of the stock. FMR LLC grew its position in MGP Ingredients by 14.2% in the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock valued at $91,824,000 after acquiring an additional 137,292 shares during the period. State Street Corp grew its position in MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after acquiring an additional 131,542 shares during the period. Massachusetts Financial Services Co. MA grew its position in MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock valued at $41,261,000 after acquiring an additional 199,550 shares during the period. Congress Asset Management Co. grew its position in MGP Ingredients by 18.6% in the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after acquiring an additional 76,835 shares during the period. Finally, ZWJ Investment Counsel Inc. grew its position in MGP Ingredients by 2.5% in the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after acquiring an additional 7,042 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction 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 transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 36.20% of the stock is currently owned by insiders.

MGP Ingredients Trading Up 1.7 %

Shares of 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. MGP Ingredients, Inc. has a 12-month low of $31.81 and a 12-month high of $92.90. The firm has a market capitalization of $710.52 million, a PE ratio of 6.73 and a beta of 0.62. The stock’s fifty day simple moving average is $38.07 and its 200-day simple moving average is $59.97.

Wall Street Analyst Weigh In

Several analysts have recently commented on MGPI shares. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Wells Fargo & Company decreased 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 decreased 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, Truist Financial decreased their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.29.

MGP Ingredients Company Profile

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.