Verity Asset Management Inc. Purchases New Shares in MGP Ingredients, Inc. (NASDAQ:MGPI)

Verity Asset Management Inc. purchased a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,797 shares of the company’s stock, valued at approximately $307,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its holdings in MGP Ingredients by 1,292.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after purchasing an additional 175,142 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of 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 during the period. Versant Capital Management Inc increased 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 buying an additional 460 shares during the period. JPMorgan Chase & Co. increased its stake in shares of MGP Ingredients by 201.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock valued at $5,388,000 after buying an additional 43,233 shares during the period. Finally, World Investment Advisors LLC acquired a new stake in shares of MGP Ingredients in the 3rd quarter valued at $6,100,000. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Stock Down 3.1 %

NASDAQ:MGPI opened at $33.46 on Wednesday. MGP Ingredients, Inc. has a 12-month low of $33.38 and a 12-month high of $92.90. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $734.45 million, a P/E ratio of 6.96 and a beta of 0.62. The stock’s fifty day simple moving average is $39.89 and its 200-day simple moving average is $62.03.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.43%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other MGP Ingredients 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 transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares in the company, 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 SEC, which is accessible through this link. Corporate insiders own 36.20% of the company’s stock.

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.