MGP Ingredients, Inc. (NASDAQ:MGPI) Position Boosted by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 20.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 113,672 shares of the company’s stock after acquiring an additional 19,203 shares during the period. Envestnet Asset Management Inc.’s holdings in MGP Ingredients were worth $8,457,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Thoroughbred Financial Services LLC bought a new stake in MGP Ingredients in the 2nd quarter valued at about $277,000. Texas Permanent School Fund Corp lifted its stake in MGP Ingredients by 22.4% during the second quarter. Texas Permanent School Fund Corp now owns 16,746 shares of the company’s stock valued at $1,246,000 after buying an additional 3,066 shares in the last quarter. Isthmus Partners LLC grew its stake in MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after acquiring an additional 860 shares in the last quarter. Natixis Advisors LLC increased its position in MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after purchasing an additional 13,332 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of MGP Ingredients in the second quarter worth about $82,000. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $82.63 on Friday. The business has a 50-day moving average of $84.96 and a 200-day moving average of $80.64. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.82 billion, a P/E ratio of 19.08, a PEG ratio of 1.21 and a beta of 0.59. MGP Ingredients, Inc. has a 1 year low of $68.86 and a 1 year high of $109.41.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million during the quarter, compared to the consensus estimate of $189.06 million. During the same quarter in the prior year, the firm earned $1.49 earnings per share. The firm’s revenue was down 8.7% compared to the same quarter last year. On average, equities analysts anticipate that MGP Ingredients, Inc. will post 6.25 EPS for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s dividend payout ratio is currently 11.09%.

Analysts Set New Price Targets

A number of analysts have weighed in on MGPI shares. Roth Mkm reissued a “buy” rating and issued a $92.00 price target on shares of MGP Ingredients in a report on Thursday, July 25th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.