Virtu Financial LLC Takes $373,000 Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Virtu Financial LLC purchased a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,483 shares of the company’s stock, valued at approximately $373,000.

Several other large investors have also made changes to their positions in the company. CWM LLC lifted its stake in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares during the last quarter. Isthmus Partners LLC lifted its position in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after buying an additional 860 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of MGP Ingredients during the 2nd quarter worth $42,000. Farther Finance Advisors LLC boosted its stake in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its position in MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $44.44 on Tuesday. 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, Inc. has a 52 week low of $43.48 and a 52 week high of $102.42. The firm has a market cap of $975.59 million, a PE ratio of 9.24, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The firm’s fifty day moving average is $54.31 and its 200-day moving average is $71.35.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.34 EPS. Sell-side analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MGPI. Roth Mkm reduced their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Truist Financial lowered their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 36.20% of the company’s stock.

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.