Pathstone Holdings LLC Increases Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Pathstone Holdings LLC increased its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 29.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,929 shares of the company’s stock after acquiring an additional 3,588 shares during the quarter. Pathstone Holdings LLC owned approximately 0.07% of MGP Ingredients worth $1,326,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of 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 in the last quarter. Isthmus Partners LLC increased 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 worth $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients during the second quarter valued at approximately $42,000. LRI Investments LLC purchased a new position in shares of MGP Ingredients in the first quarter valued at approximately $43,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 37,373 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction that occurred 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 transaction, the director now owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Price Performance

Shares of MGPI stock opened at $45.99 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company has a market capitalization of $1.01 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The firm’s 50-day moving average is $63.83 and its two-hundred day moving average is $74.36. MGP Ingredients, Inc. has a 12 month low of $43.48 and a 12 month high of $102.42.

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

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.04%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MGPI. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. TD Cowen downgraded 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. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.