Point72 Asset Management L.P. Sells 17,907 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Point72 Asset Management L.P. reduced its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 40.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,300 shares of the company's stock after selling 17,907 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.12% of MGP Ingredients worth $1,035,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Numerai GP LLC bought a new stake in MGP Ingredients during the 4th quarter valued at about $1,731,000. Occudo Quantitative Strategies LP bought a new stake in shares of MGP Ingredients during the fourth quarter valued at approximately $399,000. Millennium Management LLC increased its position in MGP Ingredients by 383.8% in the fourth quarter. Millennium Management LLC now owns 166,153 shares of the company's stock worth $6,541,000 after purchasing an additional 131,811 shares during the last quarter. Graham Capital Management L.P. increased its position in MGP Ingredients by 435.1% in the fourth quarter. Graham Capital Management L.P. now owns 15,428 shares of the company's stock worth $607,000 after purchasing an additional 12,545 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in MGP Ingredients by 47.4% during the fourth quarter. Deutsche Bank AG now owns 12,863 shares of the company's stock worth $506,000 after buying an additional 4,136 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Truist Financial decreased their price objective on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Wall Street Zen cut 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 decreased their price objective for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, Wells Fargo & Company cut 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 equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $50.33.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg bought 5,348 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased 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 directly owns 358,899 shares of the company's stock, valued at $11,696,518.41. This trade represents a 1.51% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Roper purchased 15,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were bought 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 in the company, valued at $601,758. This represents a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 29,417 shares of company stock valued at $905,556 over the last three months. Company insiders own 36.20% of the company's stock.

MGP Ingredients Trading Up 0.4%

NASDAQ MGPI traded up $0.14 during trading hours on Tuesday, hitting $30.66. 57,607 shares of the company's stock were exchanged, compared to its average volume of 345,084. The business's 50 day moving average is $29.69 and its 200-day moving average is $35.42. The firm has a market capitalization of $652.09 million, a P/E ratio of 6.40 and a beta of 0.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients, Inc. has a 12-month low of $25.12 and a 12-month high of $92.52.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The company had revenue of $121.65 million for 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%. MGP Ingredients's quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 EPS. As a group, analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, May 16th. MGP Ingredients's dividend payout ratio is presently 106.67%.

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.