Charles Schwab Investment Management Inc. Sells 852 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Charles Schwab Investment Management Inc. decreased its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 0.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 132,937 shares of the company’s stock after selling 852 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in MGP Ingredients were worth $11,067,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CWM LLC lifted its holdings in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares during the last quarter. Isthmus Partners LLC grew its holdings in MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after acquiring an additional 860 shares in the last quarter. Innealta Capital LLC purchased a new position in MGP Ingredients during the 2nd quarter valued at about $42,000. Farther Finance Advisors LLC raised its holdings in shares of 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 purchasing an additional 186 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares during the period. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Up 4.5 %

Shares of MGPI stock opened at $46.48 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients, Inc. has a fifty-two week low of $43.48 and a fifty-two week high of $102.42. The firm has a market capitalization of $1.02 billion, a PE ratio of 9.66, a P/E/G ratio of 0.73 and a beta of 0.63. The stock’s 50-day simple moving average is $57.90 and its 200-day simple moving average is $72.41.

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

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 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 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 transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MGPI has been the subject of a number of recent research reports. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Truist Financial lowered 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. Finally, Roth Mkm decreased their price target 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. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.