BNP Paribas Financial Markets Has $6.85 Million Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

BNP Paribas Financial Markets boosted its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 265.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,318 shares of the company’s stock after buying an additional 59,805 shares during the period. BNP Paribas Financial Markets’ holdings in MGP Ingredients were worth $6,853,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Natixis Advisors LLC boosted its position in shares of MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after purchasing an additional 13,332 shares during the last quarter. ZWJ Investment Counsel Inc. lifted its stake in MGP Ingredients by 2.5% in the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after buying an additional 7,042 shares during the period. GSA Capital Partners LLP bought a new position in MGP Ingredients during the third quarter worth about $1,010,000. Envestnet Asset Management Inc. grew its position in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after buying an additional 19,203 shares during the period. Finally, Earnest Partners LLC increased its stake in shares of MGP Ingredients by 16.0% in the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock valued at $8,126,000 after acquiring an additional 15,090 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MGPI shares. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. Roth Mkm dropped their price objective on 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 note on Friday, October 18th. Finally, TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three 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, MGP Ingredients currently has an average rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Stock Performance

Shares of MGP Ingredients stock opened at $45.77 on Tuesday. The stock’s 50-day moving average is $62.30 and its 200-day moving average is $73.81. MGP Ingredients, Inc. has a one year low of $43.48 and a one year high of $102.42. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 9.52, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. 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 released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. The business 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.34 earnings per share. Equities analysts predict 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. Stockholders of record on Friday, November 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients’s payout ratio is 9.98%.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karen Seaberg sold 1,109 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,610 shares of company stock worth $445,155. Company insiders own 36.20% of the company’s stock.

MGP Ingredients 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.