Invesco Ltd. Has $3.37 Million Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Invesco Ltd. grew its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 60.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,634 shares of the company's stock after purchasing an additional 32,252 shares during the quarter. Invesco Ltd. owned approximately 0.39% of MGP Ingredients worth $3,371,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of MGPI. Raymond James Financial Inc. acquired a new position in MGP Ingredients during the fourth quarter worth $13,125,000. Assenagon Asset Management S.A. raised its position in shares of MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company's stock valued at $7,429,000 after buying an additional 175,142 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at $4,072,000. Edgestream Partners L.P. purchased a new stake in shares of MGP Ingredients in the fourth quarter worth about $3,679,000. Finally, Massachusetts Financial Services Co. MA increased its position in shares of MGP Ingredients by 16.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 579,067 shares of the company's stock worth $22,798,000 after acquiring an additional 83,445 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company's stock.

MGP Ingredients Stock Down 0.3 %

Shares of NASDAQ:MGPI traded down $0.08 during trading on Wednesday, reaching $29.47. 350,910 shares of the company traded hands, compared to its average volume of 327,605. MGP Ingredients, Inc. has a 1-year low of $25.12 and a 1-year high of $92.52. 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 cap of $626.83 million, a P/E ratio of 6.13 and a beta of 0.61. The firm has a fifty day simple moving average of $29.86 and a 200 day simple moving average of $39.16.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders 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 dividend yield of 1.63%. MGP Ingredients's dividend payout ratio is 31.79%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MGPI shares. Wells Fargo & Company dropped their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. StockNews.com cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Friday, February 28th. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, Truist Financial cut their price objective on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $50.33.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the transaction, the director now owns 283,569 shares in the company, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 36.20% of the stock is currently owned by company insiders.

MGP Ingredients 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.