5 Wheat Stocks to Buy Now

4. MGP Ingredients, Inc. (NASDAQ:MGPI)

Number of Hedge Fund Holders: 17

Headquartered in Atchison, Kansas, MGP Ingredients, Inc. (NASDAQ:MGPI) produces distilled spirits and food ingredients. The Ingredient Solutions segment of MGP Ingredients, Inc. (NASDAQ:MGPI) provides specialty wheat starches and wheat proteins for food applications. 

On February 24, MGP Ingredients (NASDAQ:MGPI) declared a quarterly dividend of $0.12 per share. The dividend is payable on March 25, to shareholders of record on March 11. 

Lake Street analyst Ben Klieve initiated coverage of MGP Ingredients (NASDAQ:MGPI) on February 22 with a ‘Buy’ rating and a $100 price target. According to the analyst, MGP Ingredients (NASDAQ:MGPI) is a “compelling investment” for those who seek undervalued, branded spirit opportunities and those looking to capitalize on the plant-based protein movement without the risk of directly investing in specific brands.

A total of 17 hedge funds held long positions in MGP Ingredients (NASDAQ:MGPI) on December 31, up from 13 funds in the prior quarter. Arrowstreet Capital is the leading shareholder of MGP Ingredients (NASDAQ:MGPI) among those 17 funds, owning 165,405 shares worth over $14 million.