Bank of America Corp DE Sells 237,495 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Bank of America Corp DE trimmed its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 62.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,185 shares of the company's stock after selling 237,495 shares during the period. Bank of America Corp DE owned 0.64% of MGP Ingredients worth $5,558,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Isthmus Partners LLC grew its holdings in shares of MGP Ingredients by 1.8% in the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company's stock valued at $1,511,000 after buying an additional 684 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after buying an additional 687 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 valued at $223,000 after buying an additional 1,015 shares during the period. Assetmark Inc. grew its holdings in shares of MGP Ingredients by 9.6% in the 4th quarter. Assetmark Inc. now owns 12,475 shares of the company's stock valued at $491,000 after buying an additional 1,092 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of MGP Ingredients by 4.4% in the 4th quarter. Rhumbline Advisers now owns 41,464 shares of the company's stock valued at $1,632,000 after buying an additional 1,754 shares during the period. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Stock Down 1.8%

MGP Ingredients stock traded down $0.53 during mid-day trading on Friday, reaching $29.60. The company's stock had a trading volume of 304,216 shares, compared to its average volume of 347,945. The company has a market capitalization of $629.65 million, a price-to-earnings ratio of 6.15 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 business's 50 day simple moving average is $29.73 and its 200 day simple moving average is $34.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

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

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients's dividend payout ratio is currently 106.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MGPI shares. Truist Financial lowered their price objective 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. 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 report on Wednesday, April 2nd. Wall Street Zen downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Finally, Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. One research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.33.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares in the company, valued at $8,739,596.58. This trade represents a 9.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Martin Roper purchased 15,000 shares of the business's stock in a transaction on Thursday, May 8th. The stock was purchased 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 approximately $601,758. The trade was a 471.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 29,417 shares of company stock worth $905,556 over the last quarter. 36.20% of the stock is currently owned by insiders.

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.