State of Alaska Department of Revenue Reduces Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

State of Alaska Department of Revenue lowered its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,031 shares of the company’s stock after selling 1,147 shares during the period. State of Alaska Department of Revenue’s holdings in MGP Ingredients were worth $668,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC grew its position in shares of MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the period. LRI Investments LLC purchased a new stake in shares of MGP Ingredients in the first quarter valued at $43,000. Innealta Capital LLC purchased a new stake in shares of MGP Ingredients in the second quarter valued at $42,000. Covestor Ltd grew its position in shares of MGP Ingredients by 23.3% in the first quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after purchasing an additional 150 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of MGP Ingredients in the second quarter valued at $82,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Up 2.9 %

Shares of NASDAQ MGPI opened at $48.29 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 0.76 and a beta of 0.66. MGP Ingredients, Inc. has a 1 year low of $45.44 and a 1 year high of $102.42. The stock’s 50-day simple moving average is $75.14 and its 200-day simple moving average is $77.74.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million during 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%. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 earnings per share. As a group, equities analysts anticipate that MGP Ingredients, Inc. will post 5.58 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MGPI. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research report on Monday. Loop Capital set a $75.00 target price on MGP Ingredients in a report on Friday, October 18th. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $66.00 to $50.00 in a report on Wednesday. Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $76.67.

Insider Activity

In other news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the completion of the transaction, the director now directly owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company’s stock.

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.