Cadence Capital Management LLC purchased a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 24,174 shares of the company’s stock, valued at approximately $1,311,000. Cadence Capital Management LLC owned approximately 0.14% of MGP Ingredients at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MGPI. Neuberger Berman Group LLC raised its position in shares of MGP Ingredients by 106.4% in the first quarter. Neuberger Berman Group LLC now owns 1,109,583 shares of the company’s stock worth $60,173,000 after buying an additional 571,983 shares during the period. Conestoga Capital Advisors LLC raised its position in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock worth $37,358,000 after buying an additional 23,207 shares during the period. Kornitzer Capital Management Inc. KS raised its position in shares of MGP Ingredients by 230.7% in the first quarter. Kornitzer Capital Management Inc. KS now owns 181,530 shares of the company’s stock worth $9,844,000 after buying an additional 126,630 shares during the period. Teton Advisors Inc. raised its position in shares of MGP Ingredients by 8.1% in the first quarter. Teton Advisors Inc. now owns 71,900 shares of the company’s stock worth $3,899,000 after buying an additional 5,400 shares during the period. Finally, Millrace Asset Group Inc. raised its position in shares of MGP Ingredients by 12.3% in the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock worth $1,839,000 after buying an additional 3,711 shares during the period. Institutional investors and hedge funds own 97.57% of the company’s stock.
Shares of MGP Ingredients, Inc. (NASDAQ MGPI) traded up 1.59% on Friday, hitting $51.80. 104,646 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $52.30 and its 200 day moving average is $49.58. The firm has a market cap of $865.53 million, a P/E ratio of 27.12 and a beta of 0.92. MGP Ingredients, Inc. has a 12 month low of $31.93 and a 12 month high of $58.00.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, May 4th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.04. MGP Ingredients had a net margin of 9.52% and a return on equity of 22.54%. The company had revenue of $87.20 million for the quarter, compared to analyst estimates of $78.36 million. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities analysts predict that MGP Ingredients, Inc. will post $1.77 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 9th. Stockholders of record on Monday, May 15th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.31%. The ex-dividend date of this dividend was Thursday, May 11th. MGP Ingredients’s dividend payout ratio (DPR) is currently 8.42%.
A number of research analysts recently commented on MGPI shares. Craig Hallum set a $70.00 price target on shares of MGP Ingredients and gave the company a “buy” rating in a research note on Saturday, May 6th. Sidoti lowered shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Friday, May 5th. Finally, Zacks Investment Research upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, May 10th.
In other news, Director Karen Seaberg sold 4,629 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $54.00, for a total value of $249,966.00. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at $540,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 16,931 shares of company stock worth $927,152. Insiders own 29.50% of the company’s stock.
MGP Ingredients Company 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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