Principal Financial Group Inc. Sells 6,018 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Principal Financial Group Inc. reduced its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 6.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,170 shares of the company’s stock after selling 6,018 shares during the quarter. Principal Financial Group Inc. owned about 0.41% of MGP Ingredients worth $9,583,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Earnest Partners LLC boosted its position in shares of MGP Ingredients by 5,537.1% in the 2nd quarter. Earnest Partners LLC now owns 84,557 shares of the company’s stock worth $8,987,000 after purchasing an additional 83,057 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in MGP Ingredients by 289.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 36,219 shares of the company’s stock worth $3,849,000 after acquiring an additional 26,909 shares during the last quarter. American International Group Inc. raised its holdings in MGP Ingredients by 9.6% in the 2nd quarter. American International Group Inc. now owns 8,494 shares of the company’s stock worth $903,000 after acquiring an additional 743 shares during the last quarter. Apollon Wealth Management LLC purchased a new position in MGP Ingredients in the 2nd quarter worth approximately $203,000. Finally, First Horizon Advisors Inc. raised its holdings in MGP Ingredients by 289.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 495 shares of the company’s stock worth $53,000 after acquiring an additional 368 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Price Performance

Shares of MGPI opened at $91.78 on Tuesday. The firm has a market cap of $2.02 billion, a PE ratio of 20.76, a P/E/G ratio of 1.51 and a beta of 0.97. The company has a current ratio of 5.59, a quick ratio of 1.79 and a debt-to-equity ratio of 0.38. The firm has a fifty day simple moving average of $99.81 and a two-hundred day simple moving average of $105.85. MGP Ingredients, Inc. has a 1-year low of $90.68 and a 1-year high of $125.74.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, November 16th. This represents a $0.48 dividend on an annualized basis and a yield of 0.52%. MGP Ingredients’s dividend payout ratio is presently 10.86%.

Analysts Set New Price Targets

MGPI has been the subject of a number of recent analyst reports. Truist Financial restated a “buy” rating and issued a $140.00 price objective on shares of MGP Ingredients in a report on Wednesday, September 6th. StockNews.com initiated coverage on shares of MGP Ingredients in a report on Thursday, October 5th. They issued a “hold” rating for the company.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, insider S. Lux 2005 Irrevocable Tr Ann sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $119.19, for a total transaction of $1,191,900.00. Following the completion of the sale, the insider now directly owns 613,458 shares in the company, valued at approximately $73,118,059.02. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider S. Lux 2005 Irrevocable Tr Ann sold 10,000 shares of the company’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 completion of 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 available at the SEC website. Also, insider Cnl 2013 Irrevocable Trust Dat sold 6,500 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $115.40, for a total value of $750,100.00. Following the completion of the sale, the insider now owns 21,231 shares of the company’s stock, valued at $2,450,057.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,547 shares of company stock worth $4,532,209. Insiders own 28.70% of the company’s stock.

About MGP Ingredients

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.