Bank of New York Mellon Corp lessened its stake in MGP Ingredients, Inc. (NASDAQ:MGPI – Free Report) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 166,739 shares of the company’s stock after selling 12,724 shares during the quarter. Bank of New York Mellon Corp owned 0.76% of MGP Ingredients worth $16,127,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in MGPI. Money Concepts Capital Corp acquired a new position in MGP Ingredients in the 4th quarter valued at approximately $32,000. Steward Financial Group LLC acquired a new position in shares of MGP Ingredients during the 4th quarter worth $34,000. Lazard Asset Management LLC increased its stake in shares of MGP Ingredients by 219.0% during the 4th quarter. Lazard Asset Management LLC now owns 721 shares of the company’s stock worth $76,000 after purchasing an additional 495 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of MGP Ingredients by 76.2% during the 1st quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock worth $82,000 after purchasing an additional 412 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of MGP Ingredients by 22.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock worth $120,000 after purchasing an additional 254 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently commented on MGPI. StockNews.com began coverage on shares of MGP Ingredients in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Truist Financial increased their price target on shares of MGP Ingredients from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, August 7th.
Get Our Latest Research Report on MGP Ingredients
Insiders Place Their Bets
In other MGP Ingredients news, insider S. Lux 2005 Irrevocable Tr Ann sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $119.19, for a total value of $1,191,900.00. Following the sale, the insider now directly owns 613,458 shares in the company, valued at approximately $73,118,059.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Lori L.S. Mingus sold 1,096 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $101.06, for a total transaction of $110,761.76. Following the completion of the transaction, the director now directly owns 54,566 shares of the company’s stock, valued at approximately $5,514,439.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider S. Lux 2005 Irrevocable Tr Ann sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $119.19, for a total transaction of $1,191,900.00. Following the transaction, the insider now directly owns 613,458 shares of the company’s stock, valued at $73,118,059.02. The disclosure for this sale can be found here. Insiders have sold 60,774 shares of company stock worth $6,869,542 in the last ninety days. Insiders own 28.70% of the company’s stock.
MGP Ingredients Stock Performance
NASDAQ:MGPI opened at $120.09 on Wednesday. MGP Ingredients, Inc. has a 1 year low of $90.68 and a 1 year high of $125.74. The firm’s fifty day simple moving average is $112.97 and its 200 day simple moving average is $103.42. The company has a current ratio of 4.39, a quick ratio of 1.49 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $2.64 billion, a PE ratio of 24.51, a PEG ratio of 1.99 and a beta of 0.94.
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last posted its earnings results on Thursday, August 3rd. The company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. MGP Ingredients had a net margin of 13.55% and a return on equity of 14.39%. The business had revenue of $209.00 million for the quarter, compared to analyst estimates of $205.30 million. During the same period last year, the business posted $1.15 EPS. MGP Ingredients’s revenue was up 7.2% compared to the same quarter last year. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.43 EPS for the current year.
MGP Ingredients Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $0.48 annualized dividend and a yield of 0.40%. MGP Ingredients’s dividend payout ratio is 9.80%.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients in the United States and internationally. It operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions. The Distillery Solutions segment provides food grade alcohol for beverage applications that include bourbon and rye, whiskeys, as well as grain neutral spirits, include vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
Featured Stories
Receive News & Ratings for MGP Ingredients Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for MGP Ingredients and related companies with MarketBeat.com’s FREE daily email newsletter.
ABMN Staff
Source link
