Rhumbline Advisers Acquires 10,316 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Rhumbline Advisers boosted its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 24.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,780 shares of the company’s stock after buying an additional 10,316 shares during the period. Rhumbline Advisers owned approximately 0.24% of MGP Ingredients worth $1,521,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGPI. Principal Financial Group Inc. boosted its stake in MGP Ingredients by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 68,634 shares of the company’s stock valued at $2,702,000 after buying an additional 1,973 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in MGP Ingredients by 22.4% during the fourth quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company’s stock valued at $6,980,000 after buying an additional 32,488 shares during the last quarter. Proficio Capital Partners LLC bought a new position in MGP Ingredients during the fourth quarter valued at approximately $832,000. Illumine Investment Management LLC bought a new position in MGP Ingredients during the fourth quarter valued at approximately $263,000. Finally, Assetmark Inc. boosted its stake in MGP Ingredients by 9.6% during the fourth quarter. Assetmark Inc. now owns 12,475 shares of the company’s stock valued at $491,000 after buying an additional 1,092 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Martin Roper acquired 15,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was purchased at an average price of $33.10 per share, with a total value of $496,500.00. Following the transaction, the director now directly owns 18,180 shares of the company’s stock, valued at $601,758. This trade represents a 471.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 34.40% of the company’s stock.

MGP Ingredients Stock Up 2.3%

Shares of NASDAQ MGPI opened at $30.48 on Thursday. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $648.31 million, a PE ratio of 67.73 and a beta of 0.32. The stock’s fifty day simple moving average is $30.01 and its two-hundred day simple moving average is $33.44. MGP Ingredients, Inc. has a 12-month low of $25.12 and a 12-month high of $92.52.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The business had revenue of $121.65 million for the quarter, compared to analysts’ expectations of $119.14 million. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The business’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 EPS. As a group, analysts expect that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. MGP Ingredients’s payout ratio is 106.67%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MGPI. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price target for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Wells Fargo & Company dropped their price target 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. Truist Financial decreased their price objective on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Finally, Wall Street Zen downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Saturday, May 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

About MGP Ingredients

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.