Balyasny Asset Management L.P. Purchases 53,762 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Balyasny Asset Management L.P. boosted its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 313.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,887 shares of the company's stock after purchasing an additional 53,762 shares during the period. Balyasny Asset Management L.P. owned 0.32% of MGP Ingredients worth $2,791,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after purchasing an additional 431 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after purchasing an additional 687 shares in the last quarter. Quarry LP acquired a new position in MGP Ingredients in the 4th quarter worth about $75,000. AlphaQuest LLC increased its holdings in MGP Ingredients by 1,167.8% in the 4th quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock worth $149,000 after purchasing an additional 3,480 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in MGP Ingredients by 21.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company's stock worth $223,000 after purchasing an additional 1,015 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

Analyst Upgrades and Downgrades

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

MGP Ingredients Trading Up 1.2%

Shares of NASDAQ MGPI traded up $0.38 during trading on Friday, reaching $32.79. The company had a trading volume of 475,332 shares, compared to its average volume of 342,146. The company's fifty day moving average price is $29.67 and its 200-day moving average price is $36.20. MGP Ingredients, Inc. has a 12 month low of $25.12 and a 12 month high of $92.52. The stock has a market cap of $697.51 million, a P/E ratio of 6.82 and a beta of 0.32. 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 - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $121.65 million for the quarter, compared to analyst estimates of $119.14 million. During the same quarter in the prior year, the company earned $1.07 EPS. The firm's revenue for the quarter was down 28.7% compared to the same quarter last year. As a group, research analysts expect that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, May 16th. This represents a $0.48 annualized dividend and a dividend yield of 1.46%. MGP Ingredients's payout ratio is 106.67%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg bought 5,348 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the transaction, the director now directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. This trade represents a 1.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Martin Roper bought 15,000 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were acquired at an average price of $33.10 per share, for a total transaction of $496,500.00. Following the transaction, the director now owns 18,180 shares in the company, valued at $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 a total of 29,417 shares of company stock worth $905,556 in the last 90 days. 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.