PDT Partners LLC Buys New Shares in MGP Ingredients, Inc. (NASDAQ:MGPI)

PDT Partners LLC bought a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 18,542 shares of the company's stock, valued at approximately $730,000. PDT Partners LLC owned approximately 0.08% of MGP Ingredients at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGPI. JPMorgan Chase & Co. lifted its position in shares of MGP Ingredients by 201.2% during the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company's stock valued at $5,388,000 after purchasing an additional 43,233 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of MGP Ingredients during the 4th quarter worth approximately $832,000. Principal Financial Group Inc. lifted its position in shares of MGP Ingredients by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 68,634 shares of the company's stock worth $2,702,000 after buying an additional 1,973 shares in the last quarter. Entropy Technologies LP bought a new position in shares of MGP Ingredients in the fourth quarter valued at approximately $335,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of MGP Ingredients during the fourth quarter valued at approximately $13,125,000. 77.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on MGPI shares. StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday. Truist Financial reduced their price target on shares of 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 raised shares of 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 report on Thursday, February 27th. Finally, Wells Fargo & Company dropped their target price on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, MGP Ingredients has an average rating of "Moderate Buy" and a consensus target price of $50.33.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the firm's stock in a transaction 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 29,417 shares of company stock worth $905,556 in the last quarter. 36.20% of the stock is owned by company insiders.

MGP Ingredients Stock Performance

NASDAQ MGPI traded up $1.02 during trading on Friday, hitting $31.89. 381,226 shares of the company's stock traded hands, compared to its average volume of 330,678. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock has a market capitalization of $678.30 million, a price-to-earnings ratio of 6.63 and a beta of 0.32. MGP Ingredients, Inc. has a 12-month low of $25.12 and a 12-month high of $92.52. The business has a 50 day moving average of $29.75 and a 200-day moving average of $38.13.

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

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.12 dividend. The ex-dividend date is Friday, May 16th. This represents a $0.48 annualized dividend and a yield of 1.51%. MGP Ingredients's dividend payout ratio is currently 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.