Point72 Asset Management L.P. Trims Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Point72 Asset Management L.P. reduced its stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 40.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,300 shares of the company's stock after selling 17,907 shares during the period. Point72 Asset Management L.P. owned approximately 0.12% of MGP Ingredients worth $1,035,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MGPI. Wasatch Advisors LP purchased a new stake in MGP Ingredients during the fourth quarter worth about $28,388,000. Raymond James Financial Inc. purchased a new stake in MGP Ingredients during the fourth quarter worth about $13,125,000. Cubist Systematic Strategies LLC purchased a new stake in MGP Ingredients during the fourth quarter worth about $7,164,000. Marshall Wace LLP increased its stake in MGP Ingredients by 90.0% during the fourth quarter. Marshall Wace LLP now owns 340,453 shares of the company's stock worth $13,404,000 after purchasing an additional 161,295 shares during the period. Finally, Millennium Management LLC increased its stake in MGP Ingredients by 383.8% during 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 period. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MGPI. 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. 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. StockNews.com lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. Finally, 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.33.

Insider Buying and Selling at MGP Ingredients

In related news, Director Martin Roper purchased 15,000 shares of the company's stock in a transaction on Thursday, May 8th. The shares were bought at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the purchase, the director now directly owns 18,180 shares of the company's stock, valued at approximately $601,758. This trade represents a 471.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Seaberg purchased 5,348 shares of the company's 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 directly owns 358,899 shares of the company's stock, valued at $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 have sold 29,417 shares of company stock worth $905,556 over the last three months. Insiders own 36.20% of the company's stock.

MGP Ingredients Stock Performance

Shares of MGP Ingredients stock opened at $31.04 on Thursday. MGP Ingredients, Inc. has a one year low of $25.12 and a one year high of $92.52. The company has a market cap of $660.28 million, a PE ratio of 6.45 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. The business has a 50-day simple moving average of $29.74 and a 200-day simple moving average of $35.97.

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. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $121.65 million during the quarter, compared to the consensus estimate of $119.14 million. During the same period in the previous year, the company posted $1.07 earnings per share. The business's revenue for the quarter was down 28.7% on a year-over-year basis. On average, equities research analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.48 annualized dividend and a yield of 1.55%. MGP Ingredients's dividend payout ratio is currently 106.67%.

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.

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