MGP Ingredients, Inc. (NASDAQ:MGPI) Stake Lowered by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 64.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,393 shares of the company’s stock after selling 31,571 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.08% of MGP Ingredients worth $1,682,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MGPI. Lord Abbett & CO. LLC bought a new position in shares of MGP Ingredients during the first quarter valued at approximately $7,549,000. Vanguard Group Inc. grew its holdings in shares of MGP Ingredients by 8.6% during the third quarter. Vanguard Group Inc. now owns 1,092,288 shares of the company’s stock valued at $115,956,000 after purchasing an additional 86,892 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of MGP Ingredients by 22.0% during the first quarter. Victory Capital Management Inc. now owns 287,001 shares of the company’s stock valued at $27,759,000 after purchasing an additional 51,727 shares during the last quarter. State Street Corp grew its holdings in shares of MGP Ingredients by 10.6% during the third quarter. State Street Corp now owns 493,284 shares of the company’s stock valued at $52,367,000 after purchasing an additional 47,348 shares during the last quarter. Finally, Congress Asset Management Co. MA grew its holdings in shares of MGP Ingredients by 27.3% during the first quarter. Congress Asset Management Co. MA now owns 206,204 shares of the company’s stock valued at $19,944,000 after purchasing an additional 44,230 shares during the last quarter. 62.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MGPI has been the subject of several analyst reports. StockNews.com initiated coverage on MGP Ingredients in a research report on Thursday, August 17th. They set a “hold” rating for the company. Truist Financial boosted their price objective on MGP Ingredients from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, August 7th.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI opened at $118.84 on Tuesday. 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 stock has a 50 day simple moving average of $112.65 and a 200-day simple moving average of $103.25. The company has a market cap of $2.62 billion, a PE ratio of 24.25, a P/E/G ratio of 1.99 and a beta of 0.94. MGP Ingredients, Inc. has a 12-month low of $90.68 and a 12-month high of $125.74.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 3rd. The company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.24. The firm had revenue of $209.00 million during the quarter, compared to the consensus estimate of $205.30 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 13.55%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. On average, equities research analysts forecast that MGP Ingredients, Inc. will post 5.43 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced 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 is Thursday, August 17th. This represents a $0.48 dividend on an annualized basis and a yield of 0.40%. MGP Ingredients’s dividend payout ratio (DPR) is 9.80%.

Insiders Place Their Bets

In other MGP Ingredients news, insider S. Lux 2005 Irrevocable Tr Ann sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $119.19, for a total value of $1,191,900.00. Following the completion of the sale, the insider now directly owns 613,458 shares in the company, valued at $73,118,059.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Luxco 2017 Irrevocable Trust D sold 8,000 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $101.18, for a total transaction of $809,440.00. Following the completion of the sale, the insider now directly owns 1,780,771 shares of the company’s stock, valued at approximately $180,178,409.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider S. Lux 2005 Irrevocable Tr Ann sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was 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 of the company’s stock, valued at $73,118,059.02. The disclosure for this sale can be found here. Insiders sold 40,774 shares of company stock worth $4,490,542 over the last ninety days. Company insiders own 28.70% of the company’s stock.

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.