Illumine Investment Management LLC Boosts Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Illumine Investment Management LLC lifted its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 168.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,942 shares of the company's stock after buying an additional 11,263 shares during the period. Illumine Investment Management LLC owned about 0.08% of MGP Ingredients worth $527,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in MGP Ingredients by 114.8% in the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock valued at $44,000 after acquiring an additional 800 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in MGP Ingredients by 56.0% during 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 MGP Ingredients during the fourth quarter worth about $75,000. Point72 Asia Singapore Pte. Ltd. raised its stake in MGP Ingredients by 58.3% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock valued at $79,000 after acquiring an additional 735 shares during the period. Finally, AlphaQuest LLC raised its position in shares of MGP Ingredients by 1,167.8% in the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock valued at $149,000 after purchasing an additional 3,480 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Martin Roper purchased 15,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was acquired at an average cost of $33.10 per share, with a total value of $496,500.00. Following the transaction, the director now owns 18,180 shares of the company's stock, valued at $601,758. This represents a 471.70% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 34.40% of the company's stock.

Analyst Ratings Changes

MGPI has been the topic of several recent research reports. 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. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. 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. Finally, Wall Street Zen downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.33.

MGP Ingredients Trading Down 0.2%

MGP Ingredients stock traded down $0.05 during mid-day trading on Monday, hitting $29.47. 302,235 shares of the stock were exchanged, compared to its average volume of 350,235. MGP Ingredients, Inc. has a 12 month low of $25.12 and a 12 month high of $92.52. The company has a quick ratio of 0.76, a current ratio of 2.83 and a debt-to-equity ratio of 0.35. The firm's fifty day simple moving average is $30.09 and its two-hundred day simple moving average is $33.05. The stock has a market capitalization of $626.83 million, a price-to-earnings ratio of 65.49 and a beta of 0.32.

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

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.63%. 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.