Barnett & Company Inc. Sells 300 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Barnett & Company Inc. lessened its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 2.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 14,300 shares of the company’s stock after selling 300 shares during the period. Barnett & Company Inc.’s holdings in MGP Ingredients were worth $1,190,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA acquired a new position in shares of MGP Ingredients during the second quarter worth approximately $22,028,000. Champlain Investment Partners LLC grew its stake in shares of MGP Ingredients by 25.4% in the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after acquiring an additional 276,675 shares during the last quarter. Ariel Investments LLC bought a new position in MGP Ingredients during the first quarter worth $23,059,000. Rice Hall James & Associates LLC acquired a new position in MGP Ingredients during the 3rd quarter valued at $6,545,000. Finally, Congress Asset Management Co. boosted its holdings in MGP Ingredients by 18.6% in the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after purchasing an additional 76,835 shares during the period. Institutional investors own 77.11% of the company’s stock.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is owned by corporate insiders.

MGP Ingredients Price Performance

MGPI stock traded down $0.12 during trading on Tuesday, hitting $51.52. The company had a trading volume of 56,146 shares, compared to its average volume of 244,240. The company has a fifty day moving average price of $72.78 and a two-hundred day moving average price of $77.12. 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 market cap of $1.13 billion, a P/E ratio of 10.74, a P/E/G ratio of 0.83 and a beta of 0.66. 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 (NASDAQ:MGPI) last issued its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating 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 the consensus estimate of $161.55 million. During the same quarter in the previous year, the company earned $1.34 EPS. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. Equities research analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm 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 is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.93%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MGPI. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Truist Financial dropped their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.67.

About MGP Ingredients

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.