Atom Investors LP Makes New Investment in MGP Ingredients, Inc. (NASDAQ:MGPI)

Atom Investors LP purchased a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,168 shares of the company’s stock, valued at approximately $513,000.

Several other institutional investors and hedge funds have also made changes to their positions in MGPI. CWM LLC increased its holdings in shares of MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after buying an additional 325 shares during the last quarter. Isthmus Partners LLC boosted its position in MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares during the period. Innealta Capital LLC acquired a new position in MGP Ingredients during the 2nd quarter worth $42,000. Farther Finance Advisors LLC increased its holdings in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares during the period. Finally, First Horizon Advisors Inc. raised its position in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Roth Mkm dropped their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Truist Financial reduced their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Trading Down 1.0 %

NASDAQ MGPI opened at $45.33 on Wednesday. The firm’s fifty day moving average price is $60.82 and its 200 day moving average price is $73.32. MGP Ingredients, Inc. has a 12 month low of $43.48 and a 12 month high of $102.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company has a market capitalization of $994.99 million, a price-to-earnings ratio of 9.42, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data 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 return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the company posted $1.34 earnings per share. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. On average, sell-side analysts expect that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently disclosed 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. This represents a $0.48 annualized dividend and a yield of 1.06%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.20% of the stock is owned by insiders.

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.