Victory Capital Management Inc. Trims Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Victory Capital Management Inc. cut its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 5.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,121 shares of the company’s stock after selling 248 shares during the quarter. Victory Capital Management Inc.’s holdings in MGP Ingredients were worth $343,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Natixis Advisors LLC increased its holdings in shares of MGP Ingredients by 107.9% during the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after purchasing an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. increased its holdings in shares of MGP Ingredients by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after purchasing an additional 7,042 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of MGP Ingredients during the 3rd quarter valued at approximately $1,010,000. Envestnet Asset Management Inc. increased its holdings in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after purchasing an additional 19,203 shares in the last quarter. Finally, Earnest Partners LLC increased its holdings in shares of MGP Ingredients by 16.0% during the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock valued at $8,126,000 after purchasing an additional 15,090 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction on 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 owns 134,969 shares of the company’s stock, valued at $12,166,105.66. The trade was a 0.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction 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 sale, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,610 shares of company stock valued at $445,155 in the last 90 days. 36.20% of the stock is owned by insiders.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $46.28 on Friday. The company’s fifty day moving average price is $63.05 and its 200 day moving average price is $74.16. MGP Ingredients, Inc. has a 1 year low of $43.48 and a 1 year high of $102.42. The stock has a market capitalization of $1.02 billion, a P/E ratio of 9.56, a P/E/G ratio of 0.75 and a beta of 0.66. 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 (NASDAQ:MGPI) last announced 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 company had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the previous year, the company posted $1.34 EPS. The firm’s quarterly revenue was down 23.7% on a year-over-year basis. As a group, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.04%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Analysts Set New Price Targets

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