New York State Teachers Retirement System Lowers Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

New York State Teachers Retirement System lowered its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,280 shares of the company’s stock after selling 300 shares during the period. New York State Teachers Retirement System’s holdings in MGP Ingredients were worth $1,688,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC grew its position in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after acquiring an additional 325 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of MGP Ingredients in the 1st quarter valued at $43,000. Innealta Capital LLC purchased a new stake in shares of MGP Ingredients in the 2nd quarter valued at $42,000. Covestor Ltd grew its holdings in shares of MGP Ingredients by 23.3% during the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after purchasing an additional 150 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in MGP Ingredients in the 2nd quarter worth $82,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Stock Up 3.7 %

MGPI stock opened at $50.90 on Friday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average of $73.54 and a 200 day moving average of $77.34. MGP Ingredients, Inc. has a twelve month low of $45.44 and a twelve month high of $102.42. The firm has a market cap of $1.12 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the company earned $1.34 EPS. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. On average, research analysts forecast that MGP Ingredients, Inc. will post 5.58 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

Analysts Set New Price Targets

Several research analysts have recently commented on MGPI shares. Roth Mkm decreased their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $66.00 to $50.00 in a research note on Wednesday. Finally, 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 report on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.67.

Insider Transactions at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 36.20% of the company’s stock.

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.