Amalgamated Bank Sells 708 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Amalgamated Bank cut its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 14.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,060 shares of the company’s stock after selling 708 shares during the period. Amalgamated Bank’s holdings in MGP Ingredients were worth $338,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in MGP Ingredients by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after buying an additional 8,770 shares during the period. Dimensional Fund Advisors LP boosted its position in MGP Ingredients by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after buying an additional 68,278 shares during the period. Ariel Investments LLC boosted its position in MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after buying an additional 248,076 shares during the period. Congress Asset Management Co. boosted its position in 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 buying an additional 76,835 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new stake in MGP Ingredients during the 2nd quarter worth approximately $22,028,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Truist Financial dropped 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. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Finally, Roth Mkm dropped 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. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.67.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is owned by company insiders.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $49.65 on Monday. The firm has a market capitalization of $1.09 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.66. The firm has a fifty day simple moving average of $69.75 and a two-hundred day simple moving average of $76.30. 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 $45.44 and a 12 month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same quarter in the prior year, the business posted $1.34 EPS. The business’s revenue was down 23.7% compared to the same quarter last year. Analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

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

MGP Ingredients Company 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.