Norges Bank Invests $571,000 in MGP Ingredients, Inc. (NASDAQ:MGPI)

Norges Bank bought a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,504 shares of the company’s stock, valued at approximately $571,000. Norges Bank owned approximately 0.07% of MGP Ingredients as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of MGPI. GAMMA Investing LLC lifted its position in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares during the last quarter. Versant Capital Management Inc lifted its holdings 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 acquiring an additional 460 shares during the last quarter. PNC Financial Services Group Inc. lifted 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 valued at $75,000 after acquiring an additional 687 shares during the last quarter. AlphaQuest LLC grew its position in MGP Ingredients by 1,167.8% in the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock worth $149,000 after acquiring an additional 3,480 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new stake in MGP Ingredients during the third quarter worth approximately $235,000. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

MGPI opened at $28.30 on Friday. The firm has a market capitalization of $601.94 million, a PE ratio of 5.88 and a beta of 0.61. The business’s 50-day moving average is $30.97 and its two-hundred day moving average is $43.56. MGP Ingredients, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Friday, March 14th. MGP Ingredients’s payout ratio is currently 31.79%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wells Fargo & Company dropped their target price on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Roth Mkm decreased their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the transaction, the director now directly owns 283,569 shares of the company’s stock, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is currently owned by company insiders.

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.