Prime Capital Investment Advisors LLC Makes New Investment in MGP Ingredients, Inc. (NASDAQ:MGPI)

Prime Capital Investment Advisors LLC acquired a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 2,416 shares of the company’s stock, valued at approximately $201,000.

Other large investors have also recently made changes to their positions in the company. GSA Capital Partners LLP bought a new stake in MGP Ingredients during the 3rd quarter valued at approximately $1,010,000. Atria Investments Inc bought a new position in shares of MGP Ingredients during the 3rd quarter valued at approximately $304,000. Assetmark Inc. increased its position in shares of MGP Ingredients by 6.5% during the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock valued at $948,000 after purchasing an additional 699 shares during the last quarter. Farther Finance Advisors LLC increased its position 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 valued at $50,000 after purchasing an additional 186 shares during the last quarter. Finally, Rice Hall James & Associates LLC bought a new position in shares of MGP Ingredients during the 3rd quarter valued at approximately $6,545,000. 77.11% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients Stock Down 1.5 %

Shares of MGPI stock opened at $49.65 on Monday. MGP Ingredients, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market capitalization of $1.09 billion, a PE ratio of 10.32, a P/E/G ratio of 0.81 and a beta of 0.66. The stock’s 50-day simple moving average is $69.75 and its 200-day simple moving average is $76.30.

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. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. The company’s revenue was down 23.7% compared to the same quarter last year. Equities analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.12 dividend. 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 9.98%.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the sale, the director now directly owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. This trade represents a 18.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 36.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm decreased their price objective 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. Truist Financial decreased their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and reduced 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGP Ingredients currently 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.