Sherbrooke Park Advisers LLC Acquires New Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new position in MGP Ingredients in the 4th quarter valued at about $75,000. PNC Financial Services Group Inc. grew its position 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in MGP Ingredients by 58.3% in 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 during the last quarter. AlphaQuest LLC lifted its holdings in MGP Ingredients by 1,167.8% in the 4th quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock valued at $149,000 after acquiring an additional 3,480 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted 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 acquiring an additional 1,015 shares during the last quarter. Institutional investors own 77.11% of the company's stock.

MGP Ingredients Trading Up 0.3%

MGPI stock traded up $0.10 during mid-day trading on Friday, reaching $30.52. 291,018 shares of the stock traded hands, compared to its average volume of 346,201. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 52-week low of $25.12 and a 52-week high of $92.52. The company has a market cap of $649.22 million, a P/E ratio of 6.35 and a beta of 0.32. The stock's fifty day moving average is $29.68 and its 200-day moving average is $35.66.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $121.65 million during the quarter, compared to analyst estimates of $119.14 million. During the same period in the prior year, the firm earned $1.07 earnings per share. The business's quarterly revenue was down 28.7% on a year-over-year basis. As a group, sell-side analysts expect that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

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

Analysts Set New Price Targets

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

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now directly owns 283,569 shares of the company's stock, valued at $8,739,596.58. This represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Roper purchased 15,000 shares of MGP Ingredients stock in a transaction dated Thursday, May 8th. The stock was bought at an average cost of $33.10 per share, with a total value of $496,500.00. Following the completion of the transaction, the director now directly owns 18,180 shares of the company's stock, valued at $601,758. This represents a 471.70% increase in their ownership of the stock. 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.

MGP Ingredients Company 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.