Raymond James Financial Services Advisors buys $40,787,885 stake in MGP Ingredients Inc (MGPI)

MGP Ingredients Inc (MGPI) : Raymond James Financial Services Advisors scooped up 73,321 additional shares in MGP Ingredients Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 1,198,234 shares of MGP Ingredients Inc which is valued at $40,787,885.MGP Ingredients Inc makes up approximately 0.38% of Raymond James Financial Services Advisors’s portfolio.

Other Hedge Funds, Including , Citadel Advisors added MGPI to its portfolio by purchasing 8,180 company shares during the most recent quarter which is valued at $278,447. Edmond De Rothschild (suisse) S.a. added MGPI to its portfolio by purchasing 700 company shares during the most recent quarter which is valued at $23,828. MGP Ingredients Inc makes up approx 0.01% of Edmond De Rothschild (suisse) S.a.’s portfolio.Blackrock Institutional Trust Company N.a. reduced its stake in MGPI by selling 1,087 shares or 0.36% in the most recent quarter. The Hedge Fund company now holds 304,408 shares of MGPI which is valued at $10,362,048. Conestoga Capital Advisors added MGPI to its portfolio by purchasing 394,515 company shares during the most recent quarter which is valued at $16,474,946. MGP Ingredients Inc makes up approx 1.20% of Conestoga Capital Advisors’s portfolio.

MGP Ingredients Inc opened for trading at $39 and hit $40.93 on the upside on Monday, eventually ending the session at $40.25, with a gain of 3.68% or 1.43 points. The heightened volatility saw the trading volume jump to 3,23,286 shares. Company has a market cap of $672 M.

Many Wall Street Analysts have commented on MGP Ingredients Inc. Craig Hallum Initiated MGP Ingredients Inc on May 25, 2016 to “Buy”, Price Target of the shares are set at $42.

MGP Ingredients Inc. is a holding company with no operations of its own. The Company’s principal directly-owned operating subsidiaries are MGPI Processing Inc. and MGPI of Indiana LLC (MGPI-I). The Company through its subsidiaries produces distillery and ingredient products which are derived from corn rye and barley and wheat flour primarily to serve the packaged goods industry. The Company had two segments: distillery products and ingredient solutions. The distillery products segment consists of food grade alcohol along with fuel grade alcohol distillers feed and corn oil which are co-products of its distillery operations. Ingredient solutions segment consist of specialty starches and proteins commodity starch and vital wheat gluten (commodity protein).

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