Sherbrooke Park Advisers LLC Takes Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Sherbrooke Park Advisers LLC acquired a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,319 shares of the company's stock, valued at approximately $328,000.

Several other hedge funds also recently modified their holdings of MGPI. Assenagon Asset Management S.A. boosted its position in shares of MGP Ingredients by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company's stock valued at $7,429,000 after acquiring an additional 175,142 shares during the period. Verity Asset Management Inc. bought a new stake in shares of MGP Ingredients in the fourth quarter valued at approximately $307,000. Entropy Technologies LP bought a new stake in shares of MGP Ingredients in the fourth quarter valued at approximately $335,000. Rhumbline Advisers boosted its position in shares of MGP Ingredients by 4.4% in the fourth quarter. Rhumbline Advisers now owns 41,464 shares of the company's stock valued at $1,632,000 after acquiring an additional 1,754 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of MGP Ingredients by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 68,634 shares of the company's stock valued at $2,702,000 after acquiring an additional 1,973 shares during the period. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Stock Up 1.2%

Shares of MGPI stock opened at $32.79 on Monday. The stock has a market cap of $697.51 million, a P/E ratio of 6.82 and a beta of 0.32. The stock has a fifty day moving average price of $29.67 and a 200 day moving average price of $36.12. MGP Ingredients, Inc. has a one year low of $25.12 and a one year high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

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

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.46%. MGP Ingredients's payout ratio is presently 106.67%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the transaction, the director now directly owns 283,569 shares of the company's stock, valued at approximately $8,739,596.58. This trade represents a 9.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Roper acquired 15,000 shares of the business's stock in a transaction on Thursday, May 8th. The shares were bought at an average cost of $33.10 per share, with a total value of $496,500.00. Following the completion of the acquisition, the director now 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 disclosure for this purchase can be found here. Over the last three months, insiders sold 29,417 shares of company stock valued at $905,556. 36.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MGPI. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and reduced their price objective for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. StockNews.com cut MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Wells Fargo & Company reduced their target price 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. Finally, Truist Financial reduced their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.