Brown Advisory Inc. lowered its position in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 14.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,492 shares of the company’s stock after selling 901 shares during the quarter. Brown Advisory Inc.’s holdings in MGP Ingredients were worth $423,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in MGP Ingredients in the 3rd quarter valued at approximately $128,000. Gamco Investors INC. ET AL bought a new stake in MGP Ingredients in the 4th quarter valued at $228,000. Acadian Asset Management LLC bought a new stake in MGP Ingredients in the 4th quarter valued at $272,000. Teacher Retirement System of Texas bought a new stake in MGP Ingredients in the 4th quarter valued at $310,000. Finally, Voya Investment Management LLC raised its stake in shares of MGP Ingredients by 10.8% in the 2nd quarter. Voya Investment Management LLC now owns 6,639 shares of the company’s stock valued at $340,000 after buying an additional 649 shares in the last quarter. Hedge funds and other institutional investors own 95.31% of the company’s stock.
MGP Ingredients Inc (MGPI) traded up $1.10 during trading on Wednesday, hitting $80.08. The stock had a trading volume of 48,658 shares, compared to its average volume of 154,176. MGP Ingredients Inc has a one year low of $47.64 and a one year high of $90.34. The firm has a market capitalization of $1,317.16, a P/E ratio of 43.56, a P/E/G ratio of 2.44 and a beta of 1.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.24 and a quick ratio of 1.00.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, March 1st. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.06. MGP Ingredients had a return on equity of 18.76% and a net margin of 11.71%. The business had revenue of $88.20 million during the quarter, compared to analyst estimates of $85.44 million. During the same period in the prior year, the firm posted $0.48 EPS. MGP Ingredients’s quarterly revenue was up 8.8% compared to the same quarter last year. equities research analysts predict that MGP Ingredients Inc will post 2.14 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 9th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.32 annualized dividend and a yield of 0.40%. This is an increase from MGP Ingredients’s previous quarterly dividend of $0.04. MGP Ingredients’s dividend payout ratio (DPR) is currently 13.17%.
In related news, VP Stephen J. Glaser sold 5,800 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $74.92, for a total transaction of $434,536.00. Following the transaction, the vice president now directly owns 17,080 shares of the company’s stock, valued at approximately $1,279,633.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Augustus C. Griffin acquired 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 6th. The shares were purchased at an average cost of $76.33 per share, for a total transaction of $76,330.00. Following the completion of the acquisition, the chief executive officer now owns 108,084 shares in the company, valued at approximately $8,250,051.72. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 33,770 shares of company stock valued at $2,687,209. 23.50% of the stock is owned by corporate insiders.
Several brokerages have recently issued reports on MGPI. Sidoti raised shares of MGP Ingredients from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Zacks Investment Research downgraded shares of MGP Ingredients from a “buy” rating to a “sell” rating in a report on Thursday, February 22nd. Craig Hallum reiterated a “buy” rating and issued a $105.00 price objective (up from $90.00) on shares of MGP Ingredients in a report on Monday, January 29th. Stifel Nicolaus assumed coverage on shares of MGP Ingredients in a report on Tuesday, December 5th. They set a “hold” rating and a $73.00 target price on the stock. Finally, BidaskClub downgraded shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 9th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $87.33.
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About MGP Ingredients
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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