Virtu Financial LLC Purchases Shares of 4,483 MGP Ingredients, Inc. (NASDAQ:MGPI)

Virtu Financial LLC acquired a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,483 shares of the company’s stock, valued at approximately $373,000.

Other hedge funds also recently modified their holdings of the company. MML Investors Services LLC raised its holdings in MGP Ingredients by 28.2% during the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after acquiring an additional 1,083 shares in the last quarter. Villanova Investment Management Co LLC increased its position in shares of MGP Ingredients by 6.2% during the 3rd quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock worth $1,892,000 after purchasing an additional 1,333 shares during the last quarter. Weiss Asset Management LP bought a new stake in shares of MGP Ingredients during the 3rd quarter worth approximately $986,000. State Street Corp boosted its holdings in shares of MGP Ingredients by 22.4% in the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after buying an additional 131,542 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in shares of MGP Ingredients by 39.9% in the third quarter. Stifel Financial Corp now owns 11,940 shares of the company’s stock valued at $994,000 after buying an additional 3,406 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MGPI shares. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. Truist Financial dropped their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.20% of the stock is owned by insiders.

MGP Ingredients Trading Down 1.6 %

Shares of MGPI stock opened at $44.44 on Tuesday. MGP Ingredients, Inc. has a 12-month low of $43.48 and a 12-month high of $102.42. The company has a market capitalization of $975.59 million, a PE ratio of 9.24, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The firm has a 50 day moving average price of $54.31 and a two-hundred day moving average price of $71.35. 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 released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping 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 business had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same period last year, the firm posted $1.34 EPS. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. As a group, analysts predict that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.08%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

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.