MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Acquired by Townsquare Capital LLC

Townsquare Capital LLC boosted its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 49.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,751 shares of the company’s stock after acquiring an additional 7,822 shares during the period. Townsquare Capital LLC’s holdings in MGP Ingredients were worth $1,977,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC grew its stake in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. Innealta Capital LLC purchased a new position in MGP Ingredients in the 2nd quarter valued at $42,000. Farther Finance Advisors LLC grew its position in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares during the last quarter. First Horizon Advisors Inc. increased its stake in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares during the period. Finally, nVerses Capital LLC purchased a new position in MGP Ingredients during the 2nd quarter worth $82,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $46.28 on Monday. MGP Ingredients, Inc. has a 12 month low of $43.48 and a 12 month high of $102.42. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 9.62, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The business’s 50 day simple moving average is $62.30 and its 200-day simple moving average is $73.86. 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 posted its earnings results 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 company had revenue of $161.50 million for 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 revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.34 earnings per share. As a group, equities analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MGPI shares. Roth Mkm dropped their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

Insider Activity

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This trade represents a 0.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred 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 directly owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,610 shares of company stock worth $445,155 over the last ninety days. 36.20% of the stock is currently owned by insiders.

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.