Advisors Asset Management Inc. Sells 3,432 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Advisors Asset Management Inc. cut its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 24.1% in the 3rd quarter, Holdings Channel reports. The firm owned 10,800 shares of the company’s stock after selling 3,432 shares during the period. Advisors Asset Management Inc.’s holdings in MGP Ingredients were worth $899,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MGPI. CWM LLC increased its position in shares of MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 325 shares during the period. Isthmus Partners LLC grew its holdings 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 acquiring an additional 860 shares during the period. Innealta Capital LLC purchased a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $42,000. LRI Investments LLC bought a new position in shares of MGP Ingredients in the 1st quarter worth approximately $43,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 36.20% of the company’s stock.

MGP Ingredients Trading Down 4.4 %

Shares of NASDAQ MGPI opened at $44.42 on Wednesday. The company has a market cap of $975.15 million, a PE ratio of 9.23, a P/E/G ratio of 0.74 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm’s 50 day moving average price is $65.40 and its 200-day moving average price is $74.83. MGP Ingredients, Inc. has a 52-week low of $43.48 and a 52-week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.34 EPS. On average, equities research analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MGPI. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. 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 research report on Friday, November 1st. Roth Mkm cut their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.