MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Acquired by Illumine Investment Management LLC

Illumine Investment Management LLC boosted its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 168.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,942 shares of the company's stock after acquiring an additional 11,263 shares during the period. Illumine Investment Management LLC owned 0.08% of MGP Ingredients worth $527,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGPI. GAMMA Investing LLC raised its stake in MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock worth $44,000 after acquiring an additional 800 shares during the period. PNC Financial Services Group Inc. raised its stake in MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after acquiring an additional 687 shares during the period. Quarry LP bought a new stake in MGP Ingredients during the 4th quarter worth approximately $75,000. Point72 Asia Singapore Pte. Ltd. raised its position in shares of MGP Ingredients by 58.3% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock valued at $79,000 after buying an additional 735 shares during the last quarter. Finally, AlphaQuest LLC raised its position 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 buying an additional 3,480 shares during the last quarter. Institutional investors own 77.11% of the company's stock.

Insider Activity

In related news, Director Martin Roper bought 15,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was purchased at an average cost of $33.10 per share, with a total value of $496,500.00. Following the completion of 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 filing with the SEC, which is available at the SEC website. Insiders own 34.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial reduced their price objective on shares of MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company reduced their price objective 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. Wall Street Zen cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and reduced their price objective for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, MGP Ingredients presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.33.

MGP Ingredients Price Performance

MGPI traded down $0.10 during trading hours on Thursday, hitting $29.78. The company's stock had a trading volume of 463,860 shares, compared to its average volume of 351,912. The business's 50-day moving average price is $30.29 and its 200-day moving average price is $32.79. 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 $633.42 million, a price-to-earnings ratio of 66.18 and a beta of 0.32. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35.

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

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients's payout ratio is 106.67%.

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.