Two Sigma Investments LP Trims Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Two Sigma Investments LP reduced its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 23.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,695 shares of the company's stock after selling 30,304 shares during the period. Two Sigma Investments LP owned 0.46% of MGP Ingredients worth $4,004,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Quarry LP bought a new position in shares of MGP Ingredients during the fourth quarter valued at about $75,000. PNC Financial Services Group Inc. lifted its position in shares of MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after purchasing an additional 687 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of MGP Ingredients by 58.3% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock valued at $79,000 after purchasing an additional 735 shares in the last quarter. AlphaQuest LLC lifted its position in shares of MGP Ingredients by 1,167.8% during the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock valued at $149,000 after purchasing an additional 3,480 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of MGP Ingredients by 21.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company's stock valued at $223,000 after purchasing an additional 1,015 shares in the last quarter. 77.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MGPI has been the topic of a number of recent analyst reports. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and dropped their price target for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Wells Fargo & Company decreased their price objective 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. Truist Financial decreased their price objective 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. Finally, Wall Street Zen downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a report on Saturday, May 10th. One investment 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.33.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg acquired 5,348 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the purchase, the director now owns 358,899 shares in the company, valued at approximately $11,696,518.41. The trade was a 1.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Martin Roper acquired 15,000 shares of MGP Ingredients stock in a transaction that occurred on Thursday, May 8th. The shares were purchased at an average cost of $33.10 per share, with a total value of $496,500.00. Following the purchase, the director now owns 18,180 shares of the company's stock, valued at $601,758. This represents a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders sold 29,417 shares of company stock worth $905,556 over the last quarter. Corporate insiders own 36.20% of the company's stock.

MGP Ingredients Stock Performance

NASDAQ MGPI traded down $0.21 during trading hours on Monday, reaching $29.21. 343,389 shares of the company were exchanged, compared to its average volume of 347,927. MGP Ingredients, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52. The business's 50 day simple moving average is $29.74 and its 200-day simple moving average is $34.70. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $621.36 million, a P/E ratio of 6.07 and a beta of 0.32.

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

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.48 annualized dividend and a dividend yield of 1.64%. MGP Ingredients's payout ratio is 106.67%.

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.