Truvestments Capital LLC Buys Shares of 1,292 MGP Ingredients, Inc. (NASDAQ:MGPI)

Truvestments Capital LLC bought a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 1,292 shares of the company’s stock, valued at approximately $108,000.

Several other large investors have also recently bought and sold shares of MGPI. Massachusetts Financial Services Co. MA acquired a new stake in shares of MGP Ingredients in the second quarter valued at about $22,028,000. Ariel Investments LLC increased its stake in shares of MGP Ingredients by 92.7% in the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after buying an additional 248,076 shares during the period. Rice Hall James & Associates LLC acquired a new stake in shares of MGP Ingredients in the third quarter valued at about $6,545,000. Congress Asset Management Co. increased its stake in shares of MGP Ingredients by 18.6% in the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after buying an additional 76,835 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of MGP Ingredients by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after buying an additional 68,278 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This trade 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 through this hyperlink. Also, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Stock Down 4.4 %

Shares of NASDAQ:MGPI opened at $44.42 on Wednesday. The business’s 50 day simple moving average is $65.40 and its two-hundred day simple moving average is $74.83. The firm has a market cap of $975.02 million, a P/E ratio of 9.23, a PEG ratio of 0.76 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients, Inc. has a 52-week low of $43.48 and a 52-week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 earnings per share. As a group, research analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.08%. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MGPI. Truist Financial decreased their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, Roth Mkm decreased their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, MGP Ingredients has an average rating of “Moderate Buy” and a consensus target price of $76.67.

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.