MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 14.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,051 shares of the company’s stock after selling 1,925 shares during the period. Thrivent Financial for Lutherans’ holdings in MGP Ingredients were worth $920,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in MGP Ingredients by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after purchasing an additional 8,770 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in MGP Ingredients by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after acquiring an additional 68,278 shares during the period. Ariel Investments LLC grew its position in MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after acquiring an additional 248,076 shares in the last quarter. Congress Asset Management Co. increased its stake in MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after purchasing an additional 76,835 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of MGP Ingredients during the second quarter worth about $22,028,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $45.77 on Tuesday. The stock has a market cap of $1.00 billion, a P/E ratio of 9.52, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The company has a fifty day simple moving average of $62.30 and a 200-day simple moving average of $73.81. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 12-month low of $43.48 and a 12-month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share 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%. The business’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the company earned $1.34 EPS. Equities analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors 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 annualized dividend and a yield of 1.05%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Seaberg sold 1,109 shares of MGP Ingredients 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 transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This trade represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,610 shares of company stock worth $445,155 in the last 90 days. Company insiders own 36.20% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.