MQS Management LLC Purchases New Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

MQS Management LLC acquired a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,699 shares of the company’s stock, valued at approximately $308,000.

Other large investors also recently added to or reduced their stakes in the company. Natixis Advisors LLC raised its stake in shares of MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after buying an additional 13,332 shares during the last quarter. ZWJ Investment Counsel Inc. grew its holdings in MGP Ingredients by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after acquiring an additional 7,042 shares during the period. Envestnet Asset Management Inc. raised its position in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after acquiring an additional 19,203 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of MGP Ingredients by 16.0% in the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock valued at $8,126,000 after purchasing an additional 15,090 shares during the period. Finally, Ariel Investments LLC boosted its position in shares of MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after purchasing an additional 248,076 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was 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 directly owns 134,969 shares in the company, valued at $12,166,105.66. This trade represents a 0.81 % 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 link. Insiders own 36.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Roth Mkm dropped their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Truist Financial lowered 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. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research note on Friday, October 18th. Finally, TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Stock Down 0.2 %

Shares of MGPI stock opened at $50.43 on Friday. MGP Ingredients, Inc. has a 12-month low of $45.44 and a 12-month high of $102.42. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm has a fifty day moving average of $70.54 and a 200-day moving average of $76.55. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 10.48, a P/E/G ratio of 0.83 and a beta of 0.66.

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

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 0.95%. MGP Ingredients’s payout ratio is currently 9.98%.

MGP Ingredients Company 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.