MGP Ingredients, Inc. (NASDAQ:MGPI) Stock Position Increased by GAMMA Investing LLC

GAMMA Investing LLC increased its stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 6,210.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,982 shares of the company's stock after buying an additional 43,285 shares during the quarter. GAMMA Investing LLC owned about 0.21% of MGP Ingredients worth $1,292,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Proficio Capital Partners LLC acquired a new stake in shares of MGP Ingredients during the fourth quarter valued at about $832,000. Northern Trust Corp grew its stake in MGP Ingredients by 12.9% during the 4th quarter. Northern Trust Corp now owns 159,121 shares of the company's stock valued at $6,265,000 after purchasing an additional 18,139 shares in the last quarter. Principal Financial Group Inc. grew its stake in MGP Ingredients by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 68,634 shares of the company's stock valued at $2,702,000 after purchasing an additional 1,973 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in MGP Ingredients during the 4th quarter worth approximately $13,125,000. Finally, Quantbot Technologies LP acquired a new position in shares of MGP Ingredients in the 4th quarter valued at approximately $1,180,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MGPI shares. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and dropped their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Wall Street Zen downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Wells Fargo & Company reduced their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 2nd. Finally, Truist Financial lowered 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, MGP Ingredients presently has an average rating of "Moderate Buy" and an average target price of $50.33.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI traded up $0.69 during midday trading on Thursday, hitting $30.48. The company's stock had a trading volume of 275,457 shares, compared to its average volume of 350,092. The firm has a market cap of $648.31 million, a P/E ratio of 67.73 and a beta of 0.32. MGP Ingredients, Inc. has a 1-year low of $25.12 and a 1-year high of $92.52. The firm's fifty day moving average price is $30.01 and its 200-day moving average price is $33.44. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 2.83.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The company had revenue of $121.65 million during the quarter, compared to the consensus estimate of $119.14 million. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. MGP Ingredients's quarterly revenue was down 28.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 earnings per share. On average, sell-side analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced 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 1.57%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients's payout ratio is 106.67%.

Insider Activity

In other news, Director Martin Roper acquired 15,000 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were purchased at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the transaction, the director now directly owns 18,180 shares in the company, valued at $601,758. This trade represents a 471.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 34.40% of the company's stock.

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.