MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Bought by Assetmark Inc.

Assetmark Inc. raised its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 6.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,383 shares of the company’s stock after buying an additional 699 shares during the period. Assetmark Inc. owned about 0.05% of MGP Ingredients worth $948,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Farther Finance Advisors LLC boosted its holdings in shares of MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares during the last quarter. Rice Hall James & Associates LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth approximately $6,545,000. Congress Asset Management Co. boosted its holdings in shares of MGP Ingredients by 18.6% during the 3rd 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 last quarter. Foundations Investment Advisors LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth approximately $208,000. Finally, nVerses Capital LLC boosted its holdings in shares of MGP Ingredients by 118.2% during the 3rd quarter. nVerses Capital LLC now owns 2,400 shares of the company’s stock worth $200,000 after purchasing an additional 1,300 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Stock Down 1.3 %

MGP Ingredients stock opened at $49.65 on Friday. MGP Ingredients, Inc. has a twelve month low of $45.44 and a twelve month high of $102.42. The stock’s fifty day simple moving average is $69.75 and its 200-day simple moving average is $76.33. 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 has a market capitalization of $1.09 billion, a P/E ratio of 10.32, a P/E/G ratio of 0.83 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last issued 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. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.34 earnings per share. As a group, equities analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.97%. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Buying and Selling

In other MGP Ingredients 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 in the company, valued at $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 36.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on MGPI. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Roth Mkm reduced their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, MGP Ingredients has a consensus rating of “Moderate Buy” and an average 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.