Palouse Capital Management Inc. Sells 619 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Palouse Capital Management Inc. reduced its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 29.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,462 shares of the company’s stock after selling 619 shares during the period. Palouse Capital Management Inc.’s holdings in MGP Ingredients were worth $58,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Rhumbline Advisers lifted its holdings in MGP Ingredients by 4.4% during the fourth quarter. Rhumbline Advisers now owns 41,464 shares of the company’s stock worth $1,632,000 after acquiring an additional 1,754 shares in the last quarter. Entropy Technologies LP bought a new position in MGP Ingredients during the fourth quarter worth about $335,000. Verity Asset Management Inc. bought a new position in MGP Ingredients during the fourth quarter worth about $307,000. Assenagon Asset Management S.A. lifted its holdings in MGP Ingredients by 1,292.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock worth $7,429,000 after acquiring an additional 175,142 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after acquiring an additional 431 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. 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 cut their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Truist Financial cut their price target 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.29.

MGP Ingredients Price Performance

NASDAQ:MGPI opened at $33.15 on Friday. 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’s 50-day simple moving average is $37.85 and its 200 day simple moving average is $59.49. The company has a market cap of $727.64 million, a P/E ratio of 6.89 and a beta of 0.62. MGP Ingredients, Inc. has a 52-week low of $31.81 and a 52-week high of $92.90.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value 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. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is owned by company insiders.

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.