Verition Fund Management LLC Increases Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Verition Fund Management LLC lifted its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 39.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,044 shares of the company’s stock after buying an additional 3,125 shares during the quarter. Verition Fund Management LLC owned approximately 0.05% of MGP Ingredients worth $919,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. CWM LLC grew its holdings in MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares during the period. Isthmus Partners LLC grew its stake in shares of MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after buying an additional 860 shares during the last quarter. Innealta Capital LLC bought a new position in MGP Ingredients during the 2nd quarter valued at approximately $42,000. Farther Finance Advisors LLC raised 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 buying an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Trading Down 3.9 %

Shares of MGPI stock opened at $44.48 on Monday. The stock has a market capitalization of $976.47 million, a P/E ratio of 9.25, a P/E/G ratio of 0.75 and a beta of 0.63. 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 firm’s 50 day moving average is $58.64 and its 200 day moving average is $72.61. MGP Ingredients, Inc. has a 12-month low of $43.48 and a 12-month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last posted 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 company had revenue of $161.50 million during 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 revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 earnings per share. Research analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.08%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients 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 transaction of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through the SEC website. 36.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $66.00 to $50.00 in a research 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. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Truist Financial reduced 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 report on Friday, November 1st. Finally, Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGP Ingredients has an average rating of “Moderate Buy” and an average price target of $76.67.

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.