Jefferies Financial Group Inc. Cuts Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Jefferies Financial Group Inc. decreased its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 77.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,658 shares of the company's stock after selling 23,342 shares during the quarter. Jefferies Financial Group Inc.'s holdings in MGP Ingredients were worth $262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGPI. Proficio Capital Partners LLC bought a new stake in MGP Ingredients during the fourth quarter worth $832,000. Northern Trust Corp raised its holdings in shares of MGP Ingredients by 12.9% in 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 during the period. Principal Financial Group Inc. lifted its stake in MGP Ingredients by 3.0% in 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 during the last quarter. Entropy Technologies LP bought a new position in MGP Ingredients during the fourth quarter worth about $335,000. Finally, Raymond James Financial Inc. acquired a new position in MGP Ingredients during the fourth quarter worth approximately $13,125,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

MGP Ingredients Price Performance

Shares of MGPI stock traded up $0.27 on Wednesday, reaching $29.85. The company had a trading volume of 310,784 shares, compared to its average volume of 347,788. The stock has a market capitalization of $634.97 million, a PE ratio of 6.21 and a beta of 0.32. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The business's 50-day moving average is $29.75 and its 200 day moving average is $34.63. MGP Ingredients, Inc. has a one year low of $25.12 and a one year high of $92.52.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.36 EPS 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 14.39% and a net margin of 14.44%. The business's quarterly 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. Equities research analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders 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 1.61%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients's dividend payout ratio is currently 106.67%.

Insider Transactions at MGP Ingredients

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. Also, Director Karen Seaberg acquired 5,348 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the acquisition, the director now directly owns 358,899 shares in the company, valued at approximately $11,696,518.41. The trade was a 1.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 29,417 shares of company stock valued at $905,556 over the last three months. Corporate insiders own 36.20% of the company's stock.

About MGP Ingredients

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.