MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Acquired by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. boosted its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 58.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,996 shares of the company’s stock after buying an additional 735 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in MGP Ingredients were worth $79,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MGPI. Quarry LP acquired a new stake in MGP Ingredients during the 4th quarter valued at $75,000. PNC Financial Services Group Inc. raised its position in MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after buying an additional 687 shares during the period. AlphaQuest LLC raised its position in MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock valued at $149,000 after buying an additional 3,480 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in MGP Ingredients by 21.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company’s stock worth $223,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in MGP Ingredients by 687.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,400 shares of the company’s stock worth $252,000 after acquiring an additional 5,587 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the transaction, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. This represents a 9.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Martin Roper acquired 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The shares were purchased at an average price of $33.10 per share, with a total value of $496,500.00. Following the completion of the acquisition, the director now owns 18,180 shares of the company’s stock, valued at $601,758. This represents a 471.70% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 29,417 shares of company stock worth $905,556. 36.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MGPI shares. Truist Financial dropped their target price on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company dropped their price objective on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and reduced their target price for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Saturday, May 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.33.

MGP Ingredients Stock Performance

MGPI stock opened at $32.79 on Friday. The company has a 50 day moving average price of $29.67 and a 200 day moving average price of $36.20. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock has a market capitalization of $697.51 million, a PE ratio of 6.82 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $121.65 million during the quarter, compared to analysts’ expectations of $119.14 million. During the same quarter in the previous year, the company earned $1.07 EPS. MGP Ingredients’s revenue was down 28.7% on a year-over-year basis. Analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, May 16th. MGP Ingredients’s dividend payout ratio (DPR) is presently 106.67%.

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.