Janney Montgomery Scott LLC Buys Shares of 26,513 MGP Ingredients, Inc. (NASDAQ:MGPI)

Janney Montgomery Scott LLC bought a new position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,513 shares of the company's stock, valued at approximately $779,000. Janney Montgomery Scott LLC owned about 0.12% of MGP Ingredients at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in MGP Ingredients by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company's stock valued at $44,337,000 after purchasing an additional 7,471 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of MGP Ingredients by 6.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company's stock valued at $36,017,000 after purchasing an additional 57,714 shares in the last quarter. Wasatch Advisors LP purchased a new position in shares of MGP Ingredients during the fourth quarter valued at about $28,388,000. Ariel Investments LLC raised its stake in MGP Ingredients by 17.6% in the fourth quarter. Ariel Investments LLC now owns 598,903 shares of the company's stock worth $23,579,000 after buying an additional 89,461 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in MGP Ingredients by 16.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 579,067 shares of the company's stock worth $22,798,000 after buying an additional 83,445 shares during the period. Hedge funds and other institutional investors own 77.11% of the company's stock.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Martin Roper bought 15,000 shares of MGP Ingredients stock in a transaction on Thursday, May 8th. The stock was acquired at an average price of $33.10 per share, with a total value of $496,500.00. Following the acquisition, the director owned 18,180 shares in the company, valued at approximately $601,758. This trade represents a 471.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 34.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MGPI. Truist Financial reduced their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock 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 for the company in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $50.33.

MGP Ingredients Stock Up 1.0%

MGPI stock traded up $0.33 on Wednesday, reaching $32.31. 39,879 shares of the company traded hands, compared to its average volume of 353,097. MGP Ingredients, Inc. has a one year low of $25.12 and a one year high of $92.52. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.83 and a quick ratio of 0.76. The company has a market cap of $687.13 million, a P/E ratio of 71.79 and a beta of 0.32. The firm has a fifty day simple moving average of $30.44 and a 200-day simple moving average of $32.38.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued 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 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%. The company's revenue was down 28.7% on a year-over-year basis. During the same period last year, the company earned $1.07 earnings per share. 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 disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a $0.12 dividend. The ex-dividend date was Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a yield of 1.49%. MGP Ingredients's payout ratio is currently 106.67%.

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.