Algert Global LLC Sells 16,792 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Algert Global LLC reduced its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 42.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 23,088 shares of the company’s stock after selling 16,792 shares during the period. Algert Global LLC’s holdings in MGP Ingredients were worth $1,718,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Champlain Investment Partners LLC raised its holdings in shares of MGP Ingredients by 25.4% in the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock valued at $117,732,000 after acquiring an additional 276,675 shares in the last quarter. Vanguard Group Inc. increased its position in shares of MGP Ingredients by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after purchasing an additional 8,770 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in MGP Ingredients by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after purchasing an additional 68,278 shares during the last quarter. Ariel Investments LLC increased its stake in MGP Ingredients by 92.7% during the second 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 period. Finally, Southernsun Asset Management LLC grew its holdings in shares of MGP Ingredients by 8.9% in the fourth 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 in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Stock Down 3.5 %

MGPI stock opened at $80.43 on Friday. The firm has a market capitalization of $1.77 billion, a PE ratio of 18.58, a P/E/G ratio of 1.21 and a beta of 0.59. MGP Ingredients, Inc. has a 12 month low of $68.86 and a 12 month high of $104.73. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The company’s 50 day simple moving average is $85.15 and its 200-day simple moving average is $80.60.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.17. The business had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.49 EPS. Equities analysts expect that MGP Ingredients, Inc. will post 6.25 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, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s payout ratio is currently 11.09%.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 1,109 shares of the business’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 sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on MGPI. Roth Mkm reissued a “buy” rating and issued a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th.

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.