Covestor Ltd Buys 150 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Covestor Ltd lifted its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 23.3% during the first quarter, HoldingsChannel reports. The firm owned 795 shares of the company’s stock after purchasing an additional 150 shares during the quarter. Covestor Ltd’s holdings in MGP Ingredients were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MGPI. ZWJ Investment Counsel Inc. raised its stake in shares of MGP Ingredients by 314.1% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 276,549 shares of the company’s stock worth $23,819,000 after purchasing an additional 209,771 shares during the period. Congress Asset Management Co. MA raised its stake in MGP Ingredients by 21.7% in the 1st quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock valued at $33,333,000 after acquiring an additional 68,950 shares during the period. Scout Investments Inc. bought a new stake in MGP Ingredients in the 4th quarter valued at about $6,477,000. Mutual of America Capital Management LLC raised its stake in MGP Ingredients by 239.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock valued at $5,560,000 after acquiring an additional 45,527 shares during the period. Finally, Southernsun Asset Management LLC raised its stake in MGP Ingredients by 8.9% in the 4th quarter. Southernsun Asset Management LLC now owns 470,661 shares of the company’s stock valued at $46,370,000 after acquiring an additional 38,404 shares during the period. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $79.96 on Thursday. The business has a 50 day moving average of $75.39 and a 200 day moving average of $81.12. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 1.18 and a beta of 0.59. MGP Ingredients, Inc. has a 1-year low of $68.86 and a 1-year high of $124.96. 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 (NASDAQ:MGPI) last released its earnings results on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, topping 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%. MGP Ingredients’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.39 EPS. On average, sell-side analysts predict that MGP Ingredients, Inc. will post 6.19 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were given a $0.12 dividend. The ex-dividend date was Thursday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 0.60%. MGP Ingredients’s payout ratio is 11.09%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wedbush reaffirmed an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a report on Monday, April 29th. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, April 26th. 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 report on Friday, May 3rd.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 2,430 shares of the business’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 sale, the director now owns 47,287 shares in the company, valued at $3,729,998.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other MGP Ingredients news, Director Lori L.S. Mingus sold 2,430 shares of the business’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 sale, the director now owns 47,287 shares in the company, valued at $3,729,998.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donn S. Lux sold 22,000 shares of the business’s 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 completion of the sale, the director now owns 2,673,264 shares of the company’s stock, valued at approximately $220,544,280. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,430 shares of company stock worth $2,836,678. 36.20% of the stock is currently owned by 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.