MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Acquired by Covestor Ltd

Covestor Ltd increased its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 23.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 795 shares of the company’s stock after buying an additional 150 shares during the period. Covestor Ltd’s holdings in MGP Ingredients were worth $68,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Scout Investments Inc. boosted its stake in MGP Ingredients by 30.5% during the 1st quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock valued at $7,325,000 after purchasing an additional 20,073 shares during the period. Dimensional Fund Advisors LP boosted its stake in MGP Ingredients by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 698,346 shares of the company’s stock valued at $68,804,000 after purchasing an additional 17,967 shares during the period. Mutual of America Capital Management LLC boosted its stake in MGP Ingredients by 239.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock valued at $5,560,000 after purchasing an additional 45,527 shares during the period. Southernsun Asset Management LLC boosted its stake in MGP Ingredients by 8.9% during the 4th quarter. Southernsun Asset Management LLC now owns 470,661 shares of the company’s stock valued at $46,370,000 after purchasing an additional 38,404 shares during the period. Finally, Congress Asset Management Co. MA boosted its stake in MGP Ingredients by 21.7% during the 1st quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock valued at $33,333,000 after purchasing an additional 68,950 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Stock Down 0.8 %

NASDAQ MGPI opened at $79.96 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.32 and a quick ratio of 1.97. The company’s 50 day simple moving average is $75.39 and its 200 day simple moving average is $81.12. MGP Ingredients, Inc. has a 12 month low of $68.86 and a 12 month high of $124.96. The company has a market capitalization of $1.76 billion, a P/E ratio of 18.47, a PEG ratio of 1.18 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, May 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. The business had revenue of $170.56 million for the quarter, compared to the consensus estimate of $170.31 million. During the same period in the previous year, the firm earned $1.39 EPS. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. Equities research analysts expect that MGP Ingredients, Inc. will post 6.19 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. MGP Ingredients’s dividend payout ratio is currently 11.09%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MGPI. Wedbush reissued an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a research note on Monday, April 29th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Finally, Roth Mkm dropped their price target on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd.

Insider Activity

In related news, Director Lori L.S. Mingus sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the transaction, the director now directly owns 47,287 shares of the company’s stock, valued at $3,729,998.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Donn S. Lux sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $82.50, for a total transaction of $1,815,000.00. Following the transaction, the director now directly owns 2,673,264 shares of the company’s stock, valued at $220,544,280. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lori L.S. Mingus sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the transaction, the director now directly owns 47,287 shares in the company, valued at $3,729,998.56. The disclosure for this sale can be found here. Insiders have sold 34,430 shares of company stock worth $2,836,678 over the last 90 days. 36.20% of the stock is owned by company insiders.

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.