Barnett & Company Inc. Lowers Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Barnett & Company Inc. trimmed its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,300 shares of the company’s stock after selling 300 shares during the period. Barnett & Company Inc. owned approximately 0.07% of MGP Ingredients worth $1,190,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA acquired a new stake in shares of MGP Ingredients during the second quarter worth $22,028,000. Champlain Investment Partners LLC lifted its stake in MGP Ingredients by 25.4% in the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock valued at $117,732,000 after buying an additional 276,675 shares during the last quarter. Ariel Investments LLC acquired a new position in shares of MGP Ingredients during the first quarter valued at $23,059,000. Rice Hall James & Associates LLC acquired a new position in MGP Ingredients during the 3rd quarter valued at about $6,545,000. Finally, Congress Asset Management Co. grew its holdings in MGP Ingredients by 18.6% in the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after buying an additional 76,835 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Trading Down 0.2 %

Shares of MGP Ingredients stock traded down $0.12 during trading on Tuesday, hitting $51.52. The stock had a trading volume of 56,146 shares, compared to its average volume of 244,240. MGP Ingredients, Inc. has a 1 year low of $45.44 and a 1 year high of $102.42. The stock has a 50 day simple moving average of $72.78 and a 200 day simple moving average of $77.12. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $1.13 billion, a PE ratio of 10.74, a P/E/G ratio of 0.83 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the business posted $1.34 EPS. On average, research analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.93%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MGPI shares. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Truist Financial dropped their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Finally, Roth Mkm lowered their price target 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. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 36.20% of the company’s stock.

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.