Thompson Investment Management Inc. reduced its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 0.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 85,618 shares of the company’s stock after selling 557 shares during the quarter. Thompson Investment Management Inc.’s holdings in MGP Ingredients were worth $5,064,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fieldpoint Private Securities LLC bought a new stake in shares of MGP Ingredients during the fourth quarter valued at approximately $29,000. Marshall Wace North America L.P. bought a new stake in shares of MGP Ingredients during the first quarter valued at approximately $37,000. Vantage Consulting Group Inc bought a new stake in shares of MGP Ingredients during the fourth quarter valued at approximately $68,000. Ancora Advisors LLC grew its stake in shares of MGP Ingredients by 368.8% during the fourth quarter. Ancora Advisors LLC now owns 1,875 shares of the company’s stock valued at $88,000 after purchasing an additional 1,475 shares during the last quarter. Finally, Brasada Capital Management LP bought a new stake in shares of MGP Ingredients during the fourth quarter valued at approximately $176,000. 94.69% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Terrence P. Dunn sold 4,000 shares of the firm’s stock in a transaction on Monday, March 1st. The shares were sold at an average price of $65.82, for a total transaction of $263,280.00. Following the sale, the director now directly owns 5,854 shares in the company, valued at $385,310.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lori L.S. Mingus sold 853 shares of the firm’s stock in a transaction on Friday, January 15th. The stock was sold at an average price of $52.75, for a total transaction of $44,995.75. Following the sale, the director now owns 1,962 shares in the company, valued at $103,495.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,986 shares of company stock worth $926,019. Insiders own 24.06% of the company’s stock.
Shares of NASDAQ MGPI traded up $0.41 during midday trading on Friday, reaching $64.25. 827 shares of the stock were exchanged, compared to its average volume of 128,849. The business has a 50-day simple moving average of $63.79 and a two-hundred day simple moving average of $51.19. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 26.16 and a beta of 1.58. MGP Ingredients, Inc. has a 12 month low of $32.10 and a 12 month high of $71.95. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.98 and a quick ratio of 1.76.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, February 25th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. The company had revenue of $100.92 million for the quarter, compared to analysts’ expectations of $100.39 million. MGP Ingredients had a net margin of 10.71% and a return on equity of 17.78%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm posted $0.76 earnings per share. Equities research analysts expect that MGP Ingredients, Inc. will post 2.43 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 26th. Stockholders of record on Friday, March 12th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.75%. MGP Ingredients’s dividend payout ratio is 21.15%.
A number of equities analysts have issued reports on MGPI shares. Zacks Investment Research cut shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 2nd. Truist cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and raised their price objective for the company from $50.00 to $65.00 in a research note on Friday, February 26th. Finally, Craig Hallum raised their price objective on shares of MGP Ingredients from $42.00 to $55.00 and gave the company a “hold” rating in a research note on Tuesday, January 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $51.40.
About MGP Ingredients
MGP Ingredients, Inc engages in the manufacture and trade of food, beverage, specialty wheat protein, and starch food ingredients. It operates through the following segments: Distillery Products and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed and fuel grade alcohol.
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