State Street Corp Increases Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

State Street Corp lifted its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 22.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 717,675 shares of the company’s stock after purchasing an additional 131,542 shares during the period. State Street Corp’s holdings in MGP Ingredients were worth $59,746,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC raised 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. Louisiana State Employees Retirement System increased its holdings in shares of MGP Ingredients by 2.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after acquiring an additional 200 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after acquiring an additional 322 shares in the last quarter. 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. Finally, Park Avenue Securities LLC boosted its holdings in MGP Ingredients by 19.4% in the third quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock valued at $281,000 after purchasing an additional 549 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Price Performance

Shares of MGPI opened at $42.60 on Thursday. 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 fifty-two week low of $42.21 and a fifty-two week high of $102.42. The firm has a 50-day simple moving average of $53.60 and a 200-day simple moving average of $71.12. The company has a market capitalization of $935.20 million, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million during 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 revenue for the quarter was down 23.7% on a year-over-year basis. During the same period last year, the firm earned $1.34 EPS. On average, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.13%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 approximately $1,720,279.19. The trade was a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MGPI shares. Truist Financial cut 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. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $76.67.

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.