Ameriprise Financial Inc. Cuts Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Ameriprise Financial Inc. lowered its stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 95.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 328,314 shares of the company's stock after selling 6,334,383 shares during the quarter. Ameriprise Financial Inc. owned about 1.50% of MGP Ingredients worth $12,926,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of MGPI. PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after buying an additional 687 shares during the last quarter. Quarry LP bought a new position in shares of MGP Ingredients during the fourth quarter valued at $75,000. AlphaQuest LLC lifted its holdings in shares of MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock valued at $149,000 after acquiring an additional 3,480 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of MGP Ingredients by 21.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company's stock valued at $223,000 after acquiring an additional 1,015 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of MGP Ingredients by 687.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,400 shares of the company's stock valued at $252,000 after buying an additional 5,587 shares in the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other MGP Ingredients news, Director Martin Roper bought 15,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were bought at an average price of $33.10 per share, with a total value of $496,500.00. Following the purchase, the director now owns 18,180 shares of the company's stock, valued at $601,758. This trade represents a 471.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Seaberg sold 28,304 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the transaction, the director now directly owns 283,569 shares in the company, valued at approximately $8,739,596.58. This represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,417 shares of company stock valued at $905,556 over the last ninety days. Company insiders own 36.20% of the company's stock.

MGP Ingredients Stock Performance

NASDAQ MGPI traded up $0.10 during trading on Friday, hitting $30.52. 291,018 shares of the company's stock traded hands, compared to its average volume of 346,201. The stock has a market capitalization of $649.22 million, a price-to-earnings ratio of 6.35 and a beta of 0.32. MGP Ingredients, Inc. has a 12-month low of $25.12 and a 12-month high of $92.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The business has a 50 day moving average of $29.68 and a 200-day moving average of $35.66.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. The firm had revenue of $121.65 million for the quarter, compared to analysts' expectations of $119.14 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company's revenue was down 28.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.07 EPS. As a group, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. MGP Ingredients's dividend payout ratio is currently 106.67%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MGPI. Lake Street Capital upgraded MGP Ingredients from a "hold" rating to a "buy" rating and decreased their target price for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. Truist Financial cut their price objective on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Wall Street Zen cut MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. Finally, Wells Fargo & Company lowered their price objective 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. 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.33.

MGP Ingredients Company 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.