Thrivent Financial for Lutherans boosted its stake in MGP Ingredients Inc (NASDAQ:MGPI) by 5.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,131 shares of the company’s stock after purchasing an additional 556 shares during the quarter. Thrivent Financial for Lutherans owned about 0.07% of MGP Ingredients worth $299,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of MGPI. Athanor Capital LP bought a new position in MGP Ingredients in the 1st quarter valued at about $234,000. Geode Capital Management LLC boosted its position in shares of MGP Ingredients by 6.8% during the 1st quarter. Geode Capital Management LLC now owns 196,835 shares of the company’s stock worth $5,292,000 after acquiring an additional 12,521 shares in the last quarter. Deutsche Bank AG increased its stake in MGP Ingredients by 416.4% in the first quarter. Deutsche Bank AG now owns 51,015 shares of the company’s stock valued at $1,371,000 after acquiring an additional 41,136 shares during the last quarter. Alliancebernstein L.P. raised its position in MGP Ingredients by 20.7% during the first quarter. Alliancebernstein L.P. now owns 21,300 shares of the company’s stock valued at $573,000 after purchasing an additional 3,650 shares in the last quarter. Finally, AlphaOne Investment Services LLC bought a new stake in MGP Ingredients during the first quarter worth $383,000. 95.60% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on MGPI shares. Zacks Investment Research cut MGP Ingredients from a “strong-buy” rating to a “hold” rating in a report on Wednesday. BidaskClub cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a report on Thursday, June 4th. SunTrust Banks upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $45.00 in a research note on Monday, April 6th. Finally, National Securities initiated coverage on shares of MGP Ingredients in a research report on Tuesday, April 14th. They set a “buy” rating and a $50.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. MGP Ingredients presently has an average rating of “Hold” and an average price target of $42.25.
MGP Ingredients stock opened at $37.15 on Wednesday. The stock has a 50-day moving average price of $36.38 and a two-hundred day moving average price of $36.44. MGP Ingredients Inc has a 12 month low of $21.64 and a 12 month high of $69.90. The company has a market capitalization of $597.09 million, a PE ratio of 16.37 and a beta of 1.69. The company has a current ratio of 5.86, a quick ratio of 2.41 and a debt-to-equity ratio of 0.42.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.26. MGP Ingredients had a return on equity of 17.47% and a net margin of 10.37%. The company had revenue of $99.10 million during the quarter, compared to the consensus estimate of $87.77 million. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, analysts predict that MGP Ingredients Inc will post 2.42 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, May 21st. MGP Ingredients’s dividend payout ratio (DPR) is currently 21.15%.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including 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.
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