Northern Trust Corp Purchases 18,139 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Northern Trust Corp lifted its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 12.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 159,121 shares of the company’s stock after purchasing an additional 18,139 shares during the quarter. Northern Trust Corp owned 0.72% of MGP Ingredients worth $6,265,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake 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 last quarter. Quarry LP bought a new stake in MGP Ingredients during the fourth quarter worth approximately $75,000. AlphaQuest LLC increased its stake in MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock worth $149,000 after acquiring an additional 3,480 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of MGP Ingredients by 21.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company’s stock valued at $223,000 after buying an additional 1,015 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in MGP Ingredients by 687.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,400 shares of the company’s stock worth $252,000 after purchasing an additional 5,587 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at MGP Ingredients

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

Analyst Ratings Changes

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

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $32.67 on Tuesday. MGP Ingredients, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52. The business has a fifty day simple moving average of $29.72 and a 200 day simple moving average of $36.03. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The firm has a market cap of $694.96 million, a price-to-earnings ratio of 6.79 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $121.65 million for the quarter, compared to the consensus estimate of $119.14 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s quarterly revenue was down 28.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 earnings per share. As a group, sell-side analysts predict that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.48 annualized dividend and a yield of 1.47%. MGP Ingredients’s dividend payout ratio is currently 106.67%.

MGP Ingredients Company 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.