Nuveen Asset Management LLC Has $25.59 Million Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Posted by Defense World Staff on Mar 2nd, 2023

Nuveen Asset Management LLC cut its stake in MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) by 15.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 241,086 shares of the company’s stock after selling 44,521 shares during the period. Nuveen Asset Management LLC owned approximately 1.10% of MGP Ingredients worth $25,594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGPI. WD Rutherford LLC acquired a new position in MGP Ingredients in the 3rd quarter worth $25,000. Truvestments Capital LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth about $56,000. Premier Fund Managers Ltd boosted its stake in shares of MGP Ingredients by 7.1% during the 2nd quarter. Premier Fund Managers Ltd now owns 19,500 shares of the company’s stock worth $57,000 after buying an additional 1,300 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of MGP Ingredients by 76.2% during the 1st quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock worth $82,000 after buying an additional 412 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth about $109,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MGPI shares. Lake Street Capital increased their price objective on shares of MGP Ingredients from $125.00 to $140.00 in a research note on Friday, November 4th. Wells Fargo & Company reduced their price objective on shares of MGP Ingredients from $128.00 to $118.00 and set an “overweight” rating for the company in a research note on Thursday, February 2nd.

MGP Ingredients Trading Down 2.0 %

Shares of NASDAQ:MGPI opened at $99.41 on Thursday. MGP Ingredients, Inc. has a 52-week low of $75.35 and a 52-week high of $125.74. The company has a market capitalization of $2.19 billion, a P/E ratio of 20.25 and a beta of 0.90. The company has a 50-day simple moving average of $100.61 and a 200 day simple moving average of $107.71. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 4.31.

MGP Ingredients (NASDAQ:MGPI – Get Rating) last issued its earnings results on Thursday, February 23rd. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.14. MGP Ingredients had a net margin of 13.92% and a return on equity of 15.27%. The business had revenue of $191.00 million during the quarter, compared to the consensus estimate of $183.86 million. During the same period last year, the business posted $0.87 EPS. MGP Ingredients’s revenue was up 14.5% on a year-over-year basis. Sell-side analysts forecast that MGP Ingredients, Inc. will post 5.16 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be paid a $0.12 dividend. The ex-dividend date is Thursday, March 9th. This represents a $0.48 annualized dividend and a yield of 0.48%. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.78%.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 3,500 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $103.39, for a total value of $361,865.00. Following the transaction, the director now directly owns 2,295,512 shares of the company’s stock, valued at approximately $237,332,985.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 10,820 shares of company stock worth $1,090,523. Insiders own 36.70% of the company’s stock.

About MGP Ingredients

(Get Rating)

MGP Ingredients, Inc engages in the manufacture and trade of food, beverage, specialty wheat protein and starch food ingredients. It operates through the following segments: Distillery Products, Branded Spirits and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed and fuel grade alcohol.