PNC Financial Services Group Inc. Sells 258 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

PNC Financial Services Group Inc. decreased its holdings in MGP Ingredients, Inc. (NASDAQ:MGPIFree Report) by 17.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,190 shares of the company’s stock after selling 258 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MGP Ingredients were worth $117,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MGPI. Tudor Investment Corp Et Al bought a new position in MGP Ingredients in the 3rd quarter valued at $2,985,000. Diversified Trust Co increased its stake in shares of MGP Ingredients by 19.3% in the 4th quarter. Diversified Trust Co now owns 7,250 shares of the company’s stock valued at $714,000 after buying an additional 1,175 shares during the period. Global Retirement Partners LLC increased its stake in shares of MGP Ingredients by 464.8% in the 4th quarter. Global Retirement Partners LLC now owns 401 shares of the company’s stock valued at $37,000 after buying an additional 330 shares during the period. Wakefield Asset Management LLLP increased its stake in shares of MGP Ingredients by 50.4% in the 4th quarter. Wakefield Asset Management LLLP now owns 9,461 shares of the company’s stock valued at $932,000 after buying an additional 3,170 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of MGP Ingredients by 594.5% in the 4th quarter. Mutual of America Capital Management LLC now owns 19,030 shares of the company’s stock valued at $1,875,000 after buying an additional 16,290 shares during the period. Institutional investors own 77.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGPI has been the subject of several research reports. Wedbush reissued an “outperform” rating and issued a $120.00 target price on shares of MGP Ingredients in a research note on Monday, April 29th. Roth Mkm lowered their target price on MGP Ingredients from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, April 26th.

View Our Latest Stock Report on MGPI

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Donn S. Lux sold 10,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the transaction, the director now directly owns 2,695,264 shares of the company’s stock, valued at $223,706,912. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Lori L.S. Mingus sold 2,430 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total value of $191,678.40. Following the sale, the director now directly owns 47,287 shares in the company, valued at $3,729,998.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Donn S. Lux sold 10,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the sale, the director now owns 2,695,264 shares in the company, valued at $223,706,912. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,430 shares of company stock valued at $2,836,678. Company insiders own 36.20% of the company’s stock.

MGP Ingredients Stock Up 1.6 %

Shares of MGP Ingredients stock opened at $73.55 on Friday. The company has a quick ratio of 1.97, a current ratio of 6.32 and a debt-to-equity ratio of 0.34. MGP Ingredients, Inc. has a 12 month low of $70.82 and a 12 month high of $124.96. The business has a fifty day simple moving average of $76.53 and a 200 day simple moving average of $83.19. The stock has a market cap of $1.62 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.06 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPIGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The business had revenue of $170.56 million during the quarter, compared to analysts’ expectations of $170.31 million. During the same period in the previous year, the firm earned $1.39 earnings per share. The firm’s quarterly revenue was down 15.1% compared to the same quarter last year. Research analysts predict that MGP Ingredients, Inc. will post 6.19 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a $0.12 dividend. The ex-dividend date was Thursday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 0.65%. MGP Ingredients’s payout ratio is 11.09%.

MGP Ingredients Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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