Millennium Management LLC Grows Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Millennium Management LLC grew its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 383.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 166,153 shares of the company's stock after purchasing an additional 131,811 shares during the quarter. Millennium Management LLC owned approximately 0.76% of MGP Ingredients worth $6,541,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MGPI. Isthmus Partners LLC raised its holdings in MGP Ingredients by 1.8% in the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company's stock valued at $1,511,000 after buying an additional 684 shares during the period. PNC Financial Services Group Inc. raised its holdings in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after buying an additional 687 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in MGP Ingredients by 21.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company's stock valued at $223,000 after buying an additional 1,015 shares during the period. Assetmark Inc. raised its holdings in MGP Ingredients by 9.6% in the 4th quarter. Assetmark Inc. now owns 12,475 shares of the company's stock valued at $491,000 after buying an additional 1,092 shares during the period. Finally, Rhumbline Advisers raised its holdings in MGP Ingredients by 4.4% in the 4th quarter. Rhumbline Advisers now owns 41,464 shares of the company's stock valued at $1,632,000 after buying an additional 1,754 shares during the period. Hedge funds and other institutional investors own 77.11% of the company's stock.

MGP Ingredients Stock Down 1.8%

Shares of MGP Ingredients stock traded down $0.53 on Friday, reaching $29.60. 304,216 shares of the company were exchanged, compared to its average volume of 347,945. MGP Ingredients, Inc. has a 1-year low of $25.12 and a 1-year high of $92.52. The company has a market cap of $629.65 million, a P/E ratio of 6.15 and a beta of 0.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock's 50 day moving average price is $29.73 and its 200-day moving average price is $34.84.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The business 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 revenue for the quarter was down 28.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. As a group, equities analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.62%. 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 Karen Seaberg acquired 5,348 shares of MGP Ingredients stock in a transaction on Tuesday, March 11th. The stock was bought at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the purchase, the director now owns 358,899 shares in the company, valued at $11,696,518.41. This represents a 1.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Martin Roper acquired 15,000 shares of MGP Ingredients stock in a transaction 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 purchase, the director now owns 18,180 shares of the company's stock, valued at $601,758. The trade was a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders sold 29,417 shares of company stock valued at $905,556 over the last three months. 36.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on MGPI. Wall Street Zen lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th. Wells Fargo & Company cut their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and cut their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, Truist Financial cut their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.33.

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.