Voloridge Investment Management LLC Invests $12.93 Million in MGP Ingredients, Inc. (NASDAQ:MGPI)

Voloridge Investment Management LLC bought a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 328,486 shares of the company's stock, valued at approximately $12,932,000. Voloridge Investment Management LLC owned approximately 1.50% of MGP Ingredients at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MGPI. Verity Asset Management Inc. bought a new position in shares of MGP Ingredients in the fourth quarter worth approximately $307,000. Entropy Technologies LP bought a new position in shares of MGP Ingredients in the fourth quarter worth approximately $335,000. Rhumbline Advisers grew its holdings in shares of MGP Ingredients by 4.4% in the fourth quarter. Rhumbline Advisers now owns 41,464 shares of the company's stock worth $1,632,000 after purchasing an additional 1,754 shares during the last quarter. Principal Financial Group Inc. grew its holdings 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 worth $2,702,000 after purchasing an additional 1,973 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of MGP Ingredients by 22.4% in the fourth quarter. Bank of New York Mellon Corp now owns 177,291 shares of the company's stock worth $6,980,000 after purchasing an additional 32,488 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

MGP Ingredients Stock Performance

Shares of MGPI stock traded down $0.01 during trading hours on Thursday, reaching $29.94. 80,681 shares of the company's stock were exchanged, compared to its average volume of 345,421. The company has a market cap of $636.88 million, a P/E ratio of 6.20 and a beta of 0.32. The company's 50 day moving average is $29.70 and its two-hundred day moving average is $35.35. MGP Ingredients, Inc. has a 1 year low of $25.12 and a 1 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 earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (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 prior year, the business posted $1.07 EPS. The company's revenue for the quarter was down 28.7% on a year-over-year basis. Equities research analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, May 16th. MGP Ingredients's dividend payout ratio (DPR) is 106.67%.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the firm's 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 sale, the director now owns 283,569 shares in the company, valued at $8,739,596.58. This trade 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 is available through this link. Also, 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 price of $33.10 per share, for a total transaction of $496,500.00. Following the acquisition, the director now directly owns 18,180 shares of the company's stock, valued at $601,758. The trade was a 471.70% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 29,417 shares of company stock worth $905,556 over the last quarter. 36.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on MGPI. Wall Street Zen lowered MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Truist Financial dropped their price objective on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company lowered their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. Finally, Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. One investment 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.33.

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.