MGP Ingredients, Inc. (NASDAQ:MGPI) Holdings Lifted by Invesco Ltd.

Invesco Ltd. raised its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 60.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,634 shares of the company's stock after purchasing an additional 32,252 shares during the period. Invesco Ltd. owned 0.39% of MGP Ingredients worth $3,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of MGP Ingredients during the fourth quarter worth approximately $13,125,000. Assenagon Asset Management S.A. grew its stake 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 worth $7,429,000 after purchasing an additional 175,142 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of MGP Ingredients during the fourth quarter valued at $4,072,000. Edgestream Partners L.P. bought a new stake in shares of MGP Ingredients during the fourth quarter valued at about $3,679,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in MGP Ingredients by 16.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 579,067 shares of the company's stock worth $22,798,000 after purchasing an additional 83,445 shares during the period. Institutional investors own 77.11% of the company's stock.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients 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 transaction, the director now directly owns 283,569 shares of the company's stock, 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 legal filing with the SEC, which is available at this link. Corporate insiders own 36.20% of the company's stock.

MGP Ingredients Price Performance

NASDAQ:MGPI traded up $1.03 during trading hours on Friday, reaching $31.90. 84,296 shares of the company's stock were exchanged, compared to its average volume of 328,697. 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 company has a market capitalization of $678.51 million, a P/E ratio of 6.64 and a beta of 0.61. MGP Ingredients, Inc. has a 12 month low of $25.12 and a 12 month high of $92.52. The business's 50-day simple moving average is $29.77 and its two-hundred day simple moving average is $38.76.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced 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. The company had revenue of $121.65 million during the quarter, compared to the consensus estimate of $119.14 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company's quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.07 EPS. Sell-side analysts expect that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. MGP Ingredients's dividend payout ratio is currently 31.79%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MGPI shares. StockNews.com lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Friday, February 28th. Truist Financial cut 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. Lake Street Capital upgraded MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price target for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Finally, Wells Fargo & Company cut their price objective on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. One equities research 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 MarketBeat, the stock has an average 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.