MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System lessened its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPIGet Rating) by 8.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,193 shares of the company’s stock after selling 570 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in MGP Ingredients were worth $620,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Ascent Group LLC acquired a new stake in MGP Ingredients during the 2nd quarter valued at approximately $618,000. Bellwether Advisors LLC acquired a new stake in MGP Ingredients during the 2nd quarter valued at approximately $3,723,000. V Wealth Advisors LLC grew its stake in MGP Ingredients by 2.4% during the 2nd quarter. V Wealth Advisors LLC now owns 4,301 shares of the company’s stock valued at $430,000 after purchasing an additional 101 shares in the last quarter. Leeward Investments LLC MA acquired a new stake in MGP Ingredients during the 1st quarter valued at approximately $13,469,000. Finally, State of Tennessee Treasury Department grew its stake in MGP Ingredients by 161.0% during the 1st quarter. State of Tennessee Treasury Department now owns 11,093 shares of the company’s stock valued at $950,000 after purchasing an additional 6,842 shares in the last quarter. Institutional investors and hedge funds own 79.27% of the company’s stock.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 438 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $108.35, for a total value of $47,457.30. Following the sale, the director now directly owns 62,731 shares in the company, valued at approximately $6,796,903.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Lori L.S. Mingus sold 1,745 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $114.96, for a total value of $200,605.20. Following the sale, the director now directly owns 14,179 shares in the company, valued at approximately $1,630,017.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Karen Seaberg sold 438 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $108.35, for a total value of $47,457.30. Following the completion of the sale, the director now owns 62,731 shares in the company, valued at $6,796,903.85. The disclosure for this sale can be found here. Insiders have sold a total of 6,655 shares of company stock worth $723,794 in the last three months. 36.70% of the stock is owned by company insiders.

MGP Ingredients Trading Down 0.1 %

Shares of NASDAQ MGPI opened at $119.87 on Friday. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 22.62 and a beta of 0.93. MGP Ingredients, Inc. has a 12-month low of $71.35 and a 12-month high of $121.36. The company has a current ratio of 4.37, a quick ratio of 1.64 and a debt-to-equity ratio of 0.31. The stock’s 50 day simple moving average is $108.34 and its 200 day simple moving average is $103.92.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Thursday, November 17th. MGP Ingredients’s dividend payout ratio (DPR) is 9.06%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MGPI. Lake Street Capital increased their target price on MGP Ingredients from $125.00 to $140.00 in a report on Friday, November 4th. Wells Fargo & Company increased their target price on MGP Ingredients from $126.00 to $128.00 and gave the stock an “overweight” rating in a report on Friday, November 4th. Wedbush began coverage on MGP Ingredients in a report on Monday, October 10th. They set an “outperform” rating and a $125.00 target price on the stock. Finally, StockNews.com began coverage on MGP Ingredients in a report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $117.83.

About MGP Ingredients

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MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.

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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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