MGP Ingredients, Inc. (NASDAQ:MGPI) Position Raised by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA boosted its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 67.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 495,622 shares of the company’s stock after purchasing an additional 199,550 shares during the period. Massachusetts Financial Services Co. MA owned approximately 2.26% of MGP Ingredients worth $41,261,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGPI. CWM LLC boosted its stake in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 325 shares in the last quarter. Isthmus Partners LLC boosted its position in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after purchasing an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients in the 2nd quarter worth approximately $42,000. LRI Investments LLC bought a new stake in shares of MGP Ingredients in the 1st quarter worth approximately $43,000. Finally, Farther Finance Advisors LLC lifted its stake in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Trading Down 2.7 %

Shares of NASDAQ MGPI opened at $45.50 on Monday. The firm has a market capitalization of $998.73 million, a PE ratio of 9.46, a PEG ratio of 0.76 and a beta of 0.66. MGP Ingredients, Inc. has a one year low of $44.96 and a one year high of $102.42. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $66.17 and a two-hundred day moving average price of $75.10.

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

MGP Ingredients Announces Dividend

The company also recently announced 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 of this dividend is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Wall Street Analysts Forecast Growth

MGPI has been the subject of a number of recent research reports. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Lake Street Capital cut shares of 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 report on Friday, October 18th. Finally, Roth Mkm dropped their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business’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 sale, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. The trade was a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The disclosure for this sale can be found here. Insiders own 36.20% of the company’s stock.

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.