Janney Montgomery Scott LLC Purchases New Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

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

Several other institutional investors have also recently made changes to their positions in MGPI. Exchange Traded Concepts LLC bought a new stake in MGP Ingredients during the first quarter valued at about $248,000. GAMMA Investing LLC boosted its position in MGP Ingredients by 114.8% during the first quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock valued at $44,000 after purchasing an additional 800 shares in the last quarter. Rhumbline Advisers boosted its position in MGP Ingredients by 24.9% during the first quarter. Rhumbline Advisers now owns 51,780 shares of the company's stock valued at $1,521,000 after purchasing an additional 10,316 shares in the last quarter. PharVision Advisers LLC bought a new stake in MGP Ingredients during the fourth quarter valued at about $316,000. Finally, Voloridge Investment Management LLC bought a new stake in MGP Ingredients during the fourth quarter valued at about $12,932,000. Hedge funds and other institutional investors own 77.11% of the company's stock.

MGP Ingredients Stock Up 5.9%

NASDAQ MGPI traded up $1.95 during trading on Friday, hitting $34.82. The company's stock had a trading volume of 118,398 shares, compared to its average volume of 355,473. 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 $740.52 million, a PE ratio of 77.37 and a beta of 0.32. The business's 50 day simple moving average is $30.75 and its 200-day simple moving average is $32.25. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52.

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, topping the consensus estimate 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 quarter last year, the company earned $1.07 earnings per share. The company's quarterly revenue was down 28.7% on a year-over-year basis. On average, equities analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Friday, May 16th. MGP Ingredients's dividend payout ratio (DPR) is 106.67%.

Insider Activity at MGP Ingredients

In other news, Director Martin Roper bought 15,000 shares of the firm's stock in a transaction that occurred 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 completion of the acquisition, the director directly owned 18,180 shares of the company's stock, valued at $601,758. This trade represents a 471.70% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 34.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MGPI shares. Wall Street Zen downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Truist Financial dropped their price objective on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Wells Fargo & Company lowered their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.33.

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.