United Services Automobile Association purchased a new stake in MGP Ingredients Inc (NASDAQ:MGPI) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,455 shares of the company’s stock, valued at approximately $218,000.
A number of other hedge funds have also recently made changes to their positions in the business. UBS Group AG lifted its stake in MGP Ingredients by 11.5% in the first quarter. UBS Group AG now owns 6,492 shares of the company’s stock valued at $581,000 after acquiring an additional 670 shares during the last quarter. MetLife Investment Advisors LLC lifted its stake in shares of MGP Ingredients by 12.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 6,119 shares of the company’s stock worth $543,000 after buying an additional 679 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of MGP Ingredients by 13.9% during the 2nd quarter. Brown Advisory Inc. now owns 7,794 shares of the company’s stock worth $692,000 after buying an additional 954 shares during the last quarter. First Midwest Bank Trust Division lifted its stake in shares of MGP Ingredients by 13.2% during the 2nd quarter. First Midwest Bank Trust Division now owns 10,606 shares of the company’s stock worth $942,000 after buying an additional 1,238 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of MGP Ingredients by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 31,088 shares of the company’s stock worth $2,761,000 after buying an additional 1,297 shares during the last quarter. Hedge funds and other institutional investors own 98.15% of the company’s stock.
In other MGP Ingredients news, Director Karen Seaberg sold 7,644 shares of MGP Ingredients stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $78.69, for a total value of $601,506.36. Following the completion of the sale, the director now owns 11,864 shares in the company, valued at approximately $933,578.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Stephen J. Glaser sold 390 shares of MGP Ingredients stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $75.32, for a total transaction of $29,374.80. Following the completion of the sale, the vice president now owns 15,405 shares of the company’s stock, valued at approximately $1,160,304.60. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 16,000 shares of company stock valued at $1,176,250 and have sold 20,475 shares valued at $1,606,841. Company insiders own 22.19% of the company’s stock.
MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.03). The company had revenue of $88.25 million for the quarter, compared to analyst estimates of $90.65 million. MGP Ingredients had a return on equity of 18.65% and a net margin of 12.13%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.37 EPS. As a group, equities research analysts expect that MGP Ingredients Inc will post 2.04 earnings per share for the current year.
MGPI has been the subject of a number of research reports. BidaskClub cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Friday. ValuEngine cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Monday, August 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. MGP Ingredients has an average rating of “Hold” and a consensus price target of $87.33.
About MGP Ingredients
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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