Balyasny Asset Management L.P. Raises Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

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

Other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in shares of MGP Ingredients by 81.0% during the fourth quarter. BNP Paribas Financial Markets now owns 149,033 shares of the company's stock valued at $5,867,000 after acquiring an additional 66,715 shares in the last quarter. Ariel Investments LLC raised its position in MGP Ingredients by 17.6% during the 4th quarter. Ariel Investments LLC now owns 598,903 shares of the company's stock valued at $23,579,000 after purchasing an additional 89,461 shares in the last quarter. PDT Partners LLC purchased a new stake in shares of MGP Ingredients in the 4th quarter worth $730,000. Schonfeld Strategic Advisors LLC bought a new position in shares of MGP Ingredients during the 4th quarter worth $901,000. Finally, Northern Trust Corp grew its position in shares of MGP Ingredients by 12.9% during the 4th quarter. Northern Trust Corp now owns 159,121 shares of the company's stock worth $6,265,000 after buying an additional 18,139 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGPI has been the subject of a number of research reports. Wells Fargo & Company lowered their price objective on shares of 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 lowered their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and cut their price objective for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $50.33.

Insider Buying and Selling

In related news, Director Martin Roper purchased 15,000 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was acquired at an average price of $33.10 per share, with a total value of $496,500.00. Following the completion of the acquisition, the director now owns 18,180 shares in the company, valued at approximately $601,758. This represents a 471.70% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Karen Seaberg bought 5,348 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the transaction, the director now owns 358,899 shares in the company, valued at $11,696,518.41. This trade represents a 1.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 29,417 shares of company stock worth $905,556 in the last three months. Corporate insiders own 36.20% of the company's stock.

MGP Ingredients Stock Down 0.3%

Shares of MGPI stock traded down $0.11 during trading hours on Thursday, reaching $32.41. 292,375 shares of the company's stock were exchanged, compared to its average volume of 339,209. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The stock's 50 day moving average is $29.67 and its 200-day moving average is $36.69. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market cap of $689.43 million, a price-to-earnings ratio of 6.74 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) 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. 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 period in the prior year, the company posted $1.07 EPS. The firm's quarterly revenue was down 28.7% compared to the same quarter last year. Analysts predict that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, May 16th. MGP Ingredients's payout ratio is currently 106.67%.

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.