MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. cut its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 87.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,388 shares of the company's stock after selling 9,400 shares during the quarter. Summit Investment Advisors Inc.'s holdings in MGP Ingredients were worth $55,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MGPI. GAMMA Investing LLC raised 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 in the last quarter. Versant Capital Management Inc increased its position in MGP Ingredients by 192.5% during 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 during the period. PNC Financial Services Group Inc. boosted its position in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after purchasing an additional 687 shares in the last quarter. AlphaQuest LLC boosted its stake in MGP Ingredients by 1,167.8% during 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, Aigen Investment Management LP acquired a new position in shares of MGP Ingredients during the fourth quarter worth approximately $254,000. Institutional investors own 77.11% of the company's stock.

Analyst Ratings Changes

MGPI has been the topic of a number of recent analyst reports. Truist Financial dropped their price target on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Wells Fargo & Company dropped their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Wednesday, April 2nd. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and decreased their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, StockNews.com cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, MGP Ingredients presently has an average rating of "Moderate Buy" and a consensus target price of $60.29.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now directly owns 283,569 shares of the company's stock, valued at approximately $8,739,596.58. This represents a 9.08 % 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 this hyperlink. Insiders own 36.20% of the company's stock.

MGP Ingredients Stock Performance

MGP Ingredients stock traded down $0.42 during trading hours on Tuesday, hitting $29.02. 17,314 shares of the stock traded hands, compared to its average volume of 326,349. 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, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52. The firm's 50 day moving average price is $29.91 and its 200-day moving average price is $39.23. The stock has a market capitalization of $617.15 million, a price-to-earnings ratio of 6.04 and a beta of 0.61.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a $0.12 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. MGP Ingredients's dividend payout ratio (DPR) is presently 31.79%.

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.