Allspring Global Investments Holdings LLC Sells 35,013 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Allspring Global Investments Holdings LLC trimmed its stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 28.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,871 shares of the company's stock after selling 35,013 shares during the period. Allspring Global Investments Holdings LLC owned about 0.40% of MGP Ingredients worth $8,559,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MGPI. Mariner LLC lifted its holdings in MGP Ingredients by 0.3% during the 3rd quarter. Mariner LLC now owns 54,569 shares of the company's stock valued at $5,756,000 after purchasing an additional 142 shares during the last quarter. FMR LLC lifted its holdings in MGP Ingredients by 8.8% during the 1st quarter. FMR LLC now owns 1,763 shares of the company's stock valued at $171,000 after purchasing an additional 142 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in MGP Ingredients by 7.7% during the 3rd quarter. Penserra Capital Management LLC now owns 2,046 shares of the company's stock valued at $215,000 after purchasing an additional 146 shares during the last quarter. KLR Investment Advisors LLC lifted its holdings in MGP Ingredients by 5.8% during the 3rd quarter. KLR Investment Advisors LLC now owns 2,911 shares of the company's stock valued at $282,000 after purchasing an additional 159 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in MGP Ingredients by 4.6% during the 1st quarter. Bank of Montreal Can now owns 3,769 shares of the company's stock valued at $331,000 after purchasing an additional 165 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MGPI. Wedbush reissued an "outperform" rating and set a $120.00 price target on shares of MGP Ingredients in a report on Wednesday, April 10th. StockNews.com raised shares of MGP Ingredients from a "sell" rating to a "hold" rating in a report on Thursday.

Insider Buying and Selling

In other news, VP Erika Lapish acquired 500 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the acquisition, the vice president now owns 550 shares in the company, valued at $42,823. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 28.70% of the stock is currently owned by insiders.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI traded up $1.67 during trading on Thursday, reaching $79.45. The company had a trading volume of 182,790 shares, compared to its average volume of 207,600. MGP Ingredients, Inc. has a 52 week low of $75.78 and a 52 week high of $124.96. The stock has a market cap of $1.75 billion, a PE ratio of 16.55, a PEG ratio of 1.16 and a beta of 0.76. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.47 and a current ratio of 4.51. The business's 50 day moving average price is $83.42 and its 200-day moving average price is $90.44.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced its earnings results on Thursday, February 22nd. The company reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.26. The company had revenue of $214.90 million during the quarter, compared to the consensus estimate of $206.87 million. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The company's revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. Analysts expect that MGP Ingredients, Inc. will post 6.18 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, March 14th. MGP Ingredients's dividend payout ratio (DPR) is 10.00%.

MGP Ingredients 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.