First Horizon Advisors Inc. Acquires 322 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

First Horizon Advisors Inc. increased its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 73.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 760 shares of the company’s stock after acquiring an additional 322 shares during the quarter. First Horizon Advisors Inc.’s holdings in MGP Ingredients were worth $63,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. ProShare Advisors LLC grew its stake in shares of MGP Ingredients by 7.4% in the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after purchasing an additional 220 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of MGP Ingredients by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock valued at $97,766,000 after buying an additional 8,770 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of MGP Ingredients by 8.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 13,520 shares of the company’s stock worth $1,163,000 after acquiring an additional 1,045 shares during the last quarter. LRI Investments LLC bought a new position in shares of MGP Ingredients during the first quarter worth about $44,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in MGP Ingredients by 14.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,533 shares of the company’s stock valued at $391,000 after acquiring an additional 578 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 36.20% of the stock is owned by insiders.

Analyst Ratings Changes

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

MGP Ingredients Stock Performance

Shares of MGPI opened at $45.50 on Monday. MGP Ingredients, Inc. has a one year low of $44.96 and a one year high of $102.42. The company has a market cap of $998.73 million, a PE ratio of 9.46, a P/E/G ratio of 0.76 and a beta of 0.66. The stock has a 50-day moving average of $66.17 and a 200-day moving average of $75.10. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for 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 quarterly revenue was down 23.7% compared to the same quarter last year. During the same period last year, the business earned $1.34 EPS. On average, equities research analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s payout ratio is presently 9.98%.

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.