Bare Financial Services Inc Buys New Shares in MGP Ingredients, Inc. (NASDAQ:MGPI)

Bare Financial Services Inc bought a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) in the 4th quarter, Holdings Channel.com reports. The fund bought 1,073 shares of the company’s stock, valued at approximately $106,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its position in MGP Ingredients by 58.0% during the third quarter. Victory Capital Management Inc. now owns 217,403 shares of the company’s stock valued at $22,932,000 after acquiring an additional 79,791 shares during the period. Lord Abbett & CO. LLC purchased a new stake in MGP Ingredients during the third quarter valued at about $7,202,000. Congress Asset Management Co. MA grew its position in MGP Ingredients by 19.5% during the third quarter. Congress Asset Management Co. MA now owns 277,229 shares of the company’s stock valued at $29,242,000 after acquiring an additional 45,162 shares during the period. Kingdon Capital Management L.L.C. purchased a new stake in MGP Ingredients during the third quarter valued at about $4,304,000. Finally, Envestnet Asset Management Inc. grew its position in MGP Ingredients by 91.9% during the third quarter. Envestnet Asset Management Inc. now owns 69,500 shares of the company’s stock valued at $7,331,000 after acquiring an additional 33,281 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Stock Up 5.1 %

NASDAQ MGPI traded up $4.01 on Thursday, hitting $82.26. 279,297 shares of the stock traded hands, compared to its average volume of 209,992. The stock has a 50-day moving average of $81.74 and a 200 day moving average of $88.97. MGP Ingredients, Inc. has a twelve month low of $75.78 and a twelve month high of $124.96. The company has a market capitalization of $1.81 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 1.15 and a beta of 0.75. The company has a current ratio of 4.51, a quick ratio of 1.47 and a debt-to-equity ratio of 0.33.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.26. The firm had revenue of $214.90 million for the quarter, compared to analysts’ expectations of $206.87 million. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. MGP Ingredients’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 earnings per share. As a group, analysts expect that MGP Ingredients, Inc. will post 6.18 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Thursday, March 14th. MGP Ingredients’s payout ratio is 10.00%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MGPI. Wedbush reaffirmed an “outperform” rating and issued a $120.00 target price on shares of MGP Ingredients in a research report on Monday. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Finally, Roth Mkm decreased their target price on MGP Ingredients from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, April 25th.

Insider Transactions at MGP Ingredients

In related news, VP Erika Lapish purchased 500 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the transaction, the vice president now owns 550 shares of the company’s stock, valued at $42,823. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 36.20% of the company’s stock.

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.