Rhumbline Advisers Has $1.52 Million Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Rhumbline Advisers boosted its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 24.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,780 shares of the company's stock after buying an additional 10,316 shares during the period. Rhumbline Advisers owned about 0.24% of MGP Ingredients worth $1,521,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Isthmus Partners LLC grew its stake in MGP Ingredients by 1.8% during the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company's stock valued at $1,511,000 after acquiring an additional 684 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after acquiring an additional 687 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in MGP Ingredients by 58.3% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock valued at $79,000 after acquiring an additional 735 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in MGP Ingredients by 21.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company's stock valued at $223,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Assetmark Inc. grew its stake in MGP Ingredients by 9.6% during the 4th quarter. Assetmark Inc. now owns 12,475 shares of the company's stock valued at $491,000 after acquiring an additional 1,092 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

Insider Buying and Selling

In related news, Director Martin Roper bought 15,000 shares of MGP Ingredients stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the acquisition, the director now owns 18,180 shares in the company, valued at $601,758. This trade represents a 471.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 34.40% of the company's stock.

MGP Ingredients Stock Down 3.1%

Shares of NASDAQ MGPI traded down $0.96 during trading hours on Friday, hitting $29.52. The stock had a trading volume of 350,936 shares, compared to its average volume of 350,428. The company has a market capitalization of $627.95 million, a P/E ratio of 65.60 and a beta of 0.32. The firm's 50-day moving average price is $30.09 and its two-hundred day moving average price is $33.14. MGP Ingredients, Inc. has a 52 week low of $25.12 and a 52 week high of $92.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 2.83.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The firm had revenue of $121.65 million during the quarter, compared to analyst estimates of $119.14 million. During the same period in the previous year, the company earned $1.07 EPS. The company's revenue for the quarter was down 28.7% on a year-over-year basis. Analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.48 annualized dividend and a yield of 1.63%. MGP Ingredients's dividend payout ratio (DPR) is currently 106.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and lowered their target price for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Wells Fargo & Company lowered their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Wednesday, April 2nd. Truist Financial lowered their price target on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, Wall Street Zen cut MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, MGP Ingredients presently 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.