Palouse Capital Management Inc. Has $58,000 Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Palouse Capital Management Inc. lessened its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 29.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,462 shares of the company’s stock after selling 619 shares during the quarter. Palouse Capital Management Inc.’s holdings in MGP Ingredients were worth $58,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MGPI. GAMMA Investing LLC boosted its holdings in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after acquiring an additional 431 shares during the period. Versant Capital Management Inc boosted its holdings in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares during the period. Finally, Point72 DIFC Ltd boosted its holdings in shares of MGP Ingredients by 2,375.6% during the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after acquiring an additional 974 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Stock Up 2.4 %

NASDAQ MGPI opened at $33.15 on Friday. The business has a fifty day moving average price of $37.85 and a two-hundred day moving average price of $59.49. 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 fifty-two week low of $31.81 and a fifty-two week high of $92.90. The stock has a market capitalization of $727.64 million, a PE ratio of 6.89 and a beta of 0.62.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 36.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MGPI. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Roth Mkm cut their price target 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. Finally, Wells Fargo & Company cut their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, MGP Ingredients presently has an average rating of “Moderate Buy” and an average price target of $71.29.

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.