MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 28.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 86,871 shares of the company’s stock after selling 35,013 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in MGP Ingredients were worth $8,559,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MGPI. JPMorgan Chase & Co. increased its holdings in MGP Ingredients by 13.3% in the 1st quarter. JPMorgan Chase & Co. now owns 44,588 shares of the company’s stock worth $3,817,000 after buying an additional 5,249 shares during the period. Citigroup Inc. increased its holdings in MGP Ingredients by 9.1% in the 1st quarter. Citigroup Inc. now owns 11,105 shares of the company’s stock worth $951,000 after buying an additional 928 shares during the period. PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 22.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock worth $120,000 after buying an additional 254 shares during the period. Bank of Montreal Can increased its holdings in MGP Ingredients by 4.6% in the 1st quarter. Bank of Montreal Can now owns 3,769 shares of the company’s stock worth $331,000 after buying an additional 165 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in MGP Ingredients by 54.9% in the 1st quarter. MetLife Investment Management LLC now owns 7,449 shares of the company’s stock worth $638,000 after buying an additional 2,640 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Trading Down 1.6 %

MGP Ingredients stock opened at $77.78 on Thursday. The company has a current ratio of 4.51, a quick ratio of 1.47 and a debt-to-equity ratio of 0.33. MGP Ingredients, Inc. has a 12 month low of $75.78 and a 12 month high of $124.96. The stock’s 50 day simple moving average is $83.54 and its two-hundred day simple moving average is $90.52. The firm has a market cap of $1.71 billion, a PE ratio of 16.20, a P/E/G ratio of 1.15 and a beta of 0.76.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, February 22nd. The company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.38 by $0.26. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. The business had revenue of $214.90 million for the quarter, compared to analyst estimates of $206.87 million. During the same quarter in the prior year, the firm posted $1.01 EPS. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. Analysts anticipate that MGP Ingredients, Inc. will post 6.18 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.62%. MGP Ingredients’s dividend payout ratio (DPR) is 10.00%.

Wall Street Analyst Weigh In

MGPI has been the topic of several research reports. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Thursday. Wedbush restated an “outperform” rating and issued a $120.00 price objective on shares of MGP Ingredients in a research report on Wednesday, April 10th.

Insider Activity

In other news, VP Erika Lapish acquired 500 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were bought at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the acquisition, the vice president now owns 550 shares of the company’s stock, valued at approximately $42,823. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 28.70% of the company’s stock.

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.