Advisors Asset Management Inc. cut its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 20.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,263 shares of the company’s stock after selling 2,576 shares during the quarter. Advisors Asset Management Inc. owned 0.06% of MGP Ingredients worth $622,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of MGPI. Teachers Advisors LLC increased its position in shares of MGP Ingredients by 2.2% in the first quarter. Teachers Advisors LLC now owns 22,829 shares of the company’s stock valued at $1,238,000 after buying an additional 496 shares in the last quarter. Vanguard Group Inc. increased its position in shares of MGP Ingredients by 11.4% during the first quarter. Vanguard Group Inc. now owns 507,767 shares of the company’s stock worth $27,536,000 after purchasing an additional 51,902 shares in the last quarter. Geode Capital Management LLC increased its position in shares of MGP Ingredients by 4.1% during the first quarter. Geode Capital Management LLC now owns 99,887 shares of the company’s stock worth $5,416,000 after purchasing an additional 3,942 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of MGP Ingredients during the first quarter worth approximately $2,511,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of MGP Ingredients by 39.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 58,749 shares of the company’s stock worth $3,186,000 after purchasing an additional 16,607 shares in the last quarter.
Several analysts recently commented on the company. Zacks Investment Research cut MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Thursday, November 23rd. SunTrust Banks reiterated a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $71.33.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.45. MGP Ingredients had a return on equity of 18.70% and a net margin of 10.56%. The firm had revenue of $86.30 million during the quarter, compared to analysts’ expectations of $83.57 million. During the same period in the previous year, the business earned $0.55 earnings per share. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. analysts predict that MGP Ingredients, Inc. will post 2.2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Tuesday, November 14th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.21%. The ex-dividend date of this dividend is Monday, November 13th. MGP Ingredients’s payout ratio is 7.37%.
In other MGP Ingredients news, Director Daryl Schaller sold 20,000 shares of the business’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $72.58, for a total transaction of $1,451,600.00. Following the transaction, the director now owns 2,851 shares of the company’s stock, valued at $206,925.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Seaberg sold 5,305 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $64.03, for a total value of $339,679.15. Following the transaction, the director now directly owns 10,591 shares in the company, valued at approximately $678,141.73. The disclosure for this sale can be found here. Insiders have sold 27,797 shares of company stock valued at $1,973,320 over the last quarter. 23.50% of the stock is owned by company insiders.
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MGP Ingredients Profile
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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