Peterson Wealth Services Raises Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Peterson Wealth Services boosted its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 223.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,237 shares of the company’s stock after buying an additional 4,998 shares during the quarter. Peterson Wealth Services’ holdings in MGP Ingredients were worth $623,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC raised its position in MGP Ingredients by 464.8% in the 4th quarter. Global Retirement Partners LLC now owns 401 shares of the company’s stock worth $37,000 after buying an additional 330 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at about $72,000. Bare Financial Services Inc purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at about $106,000. Principal Securities Inc. purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at about $190,000. Finally, Cerity Partners LLC increased its position in shares of MGP Ingredients by 9.3% during the 4th quarter. Cerity Partners LLC now owns 2,186 shares of the company’s stock valued at $215,000 after purchasing an additional 186 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI traded up $1.14 during mid-day trading on Friday, reaching $73.55. 70,688 shares of the company traded hands, compared to its average volume of 180,825. The company’s 50 day moving average price is $76.53 and its 200-day moving average price is $83.19. The firm has a market cap of $1.62 billion, a PE ratio of 16.99, a PEG ratio of 1.06 and a beta of 0.59. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.32 and a quick ratio of 1.97. MGP Ingredients, Inc. has a 52 week low of $70.82 and a 52 week high of $124.96.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The company had revenue of $170.56 million during the quarter, compared to the consensus estimate of $170.31 million. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The firm’s revenue was down 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 EPS. On average, equities analysts expect that MGP Ingredients, Inc. will post 6.19 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a $0.12 dividend. The ex-dividend date was Thursday, May 16th. This represents a $0.48 annualized dividend and a yield of 0.65%. MGP Ingredients’s payout ratio is 11.09%.

Analyst Ratings Changes

Several equities research analysts have recently commented on MGPI shares. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Wedbush reaffirmed an “outperform” rating and set a $120.00 price target on shares of MGP Ingredients in a research report on Monday, April 29th. Finally, Roth Mkm cut their price objective on MGP Ingredients from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, May 3rd.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 2,430 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total value of $191,678.40. Following the completion of the transaction, the director now directly owns 47,287 shares in the company, valued at approximately $3,729,998.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Lori L.S. Mingus sold 2,430 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total transaction of $191,678.40. Following the completion of the transaction, the director now directly owns 47,287 shares in the company, valued at approximately $3,729,998.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donn S. Lux sold 22,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $82.50, for a total value of $1,815,000.00. Following the transaction, the director now owns 2,673,264 shares of the company’s stock, valued at $220,544,280. The disclosure for this sale can be found here. Insiders sold 34,430 shares of company stock worth $2,836,678 in the last three months. 36.20% of the stock is owned by company insiders.

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.