Jefferies Financial Group Inc. Sells 23,342 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Jefferies Financial Group Inc. trimmed its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 77.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,658 shares of the company's stock after selling 23,342 shares during the period. Jefferies Financial Group Inc.'s holdings in MGP Ingredients were worth $262,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MGPI. Proficio Capital Partners LLC purchased a new position in shares of MGP Ingredients in the 4th quarter worth approximately $832,000. Principal Financial Group Inc. increased its position in shares of MGP Ingredients by 3.0% during 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 stake in shares of MGP Ingredients during the 4th quarter worth $335,000. Raymond James Financial Inc. purchased a new position in shares of MGP Ingredients in the 4th quarter worth about $13,125,000. Finally, Quantbot Technologies LP bought a new position in MGP Ingredients during the fourth quarter valued at about $1,180,000. 77.11% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the sale, the director now directly owns 283,569 shares in the company, valued at approximately $8,739,596.58. This trade represents a 9.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Martin Roper acquired 15,000 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was bought 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 now directly owns 18,180 shares in the company, valued at approximately $601,758. This represents a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 29,417 shares of company stock valued at $905,556 in the last quarter. Insiders own 36.20% of the company's stock.

MGP Ingredients Price Performance

NASDAQ:MGPI traded down $0.67 during trading hours on Tuesday, hitting $32.00. 300,123 shares of the company's stock traded hands, compared to its average volume of 343,411. MGP Ingredients, Inc. has a 52 week low of $25.12 and a 52 week high of $92.52. The business's fifty day simple moving average is $29.74 and its two-hundred day simple moving average is $36.00. 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 firm has a market cap of $680.70 million, a P/E ratio of 6.65 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The firm had revenue of $121.65 million during the quarter, compared to analysts' expectations of $119.14 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company's revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. On average, research analysts anticipate that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, May 16th. This represents a $0.48 annualized dividend and a yield of 1.50%. MGP Ingredients's payout ratio is currently 106.67%.

Analyst Ratings Changes

Several brokerages have issued reports on MGPI. Truist Financial lowered their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. StockNews.com downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. Lake Street Capital upgraded MGP Ingredients from a "hold" rating to a "buy" rating and dropped their target price for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. Finally, Wells Fargo & Company reduced their price target 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 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $50.33.

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.