Thrivent Financial for Lutherans Trims Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Thrivent Financial for Lutherans trimmed its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 14.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 11,051 shares of the company’s stock after selling 1,925 shares during the period. Thrivent Financial for Lutherans owned approximately 0.05% of MGP Ingredients worth $920,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MGPI. Natixis Advisors LLC increased its position in shares of MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after acquiring an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. grew its position in MGP Ingredients by 2.5% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after purchasing an additional 7,042 shares during the period. GSA Capital Partners LLP purchased a new stake in MGP Ingredients during the third quarter valued at $1,010,000. Envestnet Asset Management Inc. increased its position in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after purchasing an additional 19,203 shares during the last quarter. Finally, Earnest Partners LLC boosted its holdings in shares of MGP Ingredients by 16.0% in the second quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock worth $8,126,000 after buying an additional 15,090 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI opened at $45.77 on Tuesday. MGP Ingredients, Inc. has a 52 week low of $43.48 and a 52 week high of $102.42. The firm has a 50 day moving average of $62.30 and a 200 day moving average of $73.81. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.52, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same quarter in the previous year, the firm earned $1.34 earnings per share. The firm’s quarterly revenue was down 23.7% compared to the same quarter last year. On average, sell-side analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Transactions at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,610 shares of company stock valued at $445,155 in the last ninety days. 36.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MGPI shares. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Roth Mkm decreased their target price on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Profile

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.