New Age Alpha Advisors LLC Makes New Investment in MGP Ingredients, Inc. (NASDAQ:MGPI)

New Age Alpha Advisors LLC acquired a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 28,970 shares of the company’s stock, valued at approximately $1,141,000.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its stake 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 buying an additional 431 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of MGP Ingredients by 192.5% in the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after purchasing an additional 687 shares during the last quarter. Point72 DIFC Ltd increased its position in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after purchasing an additional 974 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in MGP Ingredients by 187.9% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,261 shares of the company’s stock valued at $105,000 after purchasing an additional 823 shares during the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Trading Up 0.5 %

MGPI stock opened at $29.38 on Tuesday. 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 twelve month low of $28.65 and a twelve month high of $92.52. The company has a market cap of $624.91 million, a P/E ratio of 6.11 and a beta of 0.57. The business has a fifty day moving average of $32.72 and a 200-day moving average of $47.34.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 1.63%. MGP Ingredients’s dividend payout ratio is currently 31.79%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg bought 5,348 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was bought at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the transaction, the director now owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. The trade was a 1.51 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 36.20% of the company’s stock.

Analysts Set New Price Targets

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

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.