New York Life Investment Management LLC lowered its position in MGP Ingredients, Inc. (NASDAQ:MGPI – Free Report) by 24.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,998 shares of the company’s stock after selling 1,627 shares during the quarter. New York Life Investment Management LLC’s holdings in MGP Ingredients were worth $483,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGPI. Money Concepts Capital Corp purchased a new position in MGP Ingredients in the fourth quarter valued at about $32,000. Steward Financial Group LLC purchased a new position in MGP Ingredients in the fourth quarter valued at about $34,000. Lazard Asset Management LLC raised its position in MGP Ingredients by 219.0% in the fourth quarter. Lazard Asset Management LLC now owns 721 shares of the company’s stock valued at $76,000 after purchasing an additional 495 shares during the period. Captrust Financial Advisors raised its position in MGP Ingredients by 76.2% in the first quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock valued at $82,000 after purchasing an additional 412 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in MGP Ingredients by 22.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock valued at $120,000 after purchasing an additional 254 shares during the period. Institutional investors and hedge funds own 62.92% of the company’s stock.
Insider Activity
In other news, Director Lori L.S. Mingus sold 1,215 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $122.17, for a total transaction of $148,436.55. Following the completion of the transaction, the director now directly owns 52,327 shares of the company’s stock, valued at $6,392,789.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Karen Seaberg sold 608 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $99.71, for a total value of $60,623.68. Following the completion of the transaction, the director now directly owns 398,775 shares of the company’s stock, valued at approximately $39,761,855.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lori L.S. Mingus sold 1,215 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $122.17, for a total value of $148,436.55. Following the completion of the transaction, the director now directly owns 52,327 shares of the company’s stock, valued at $6,392,789.59. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,074 shares of company stock valued at $3,709,710. 28.70% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Get Our Latest Stock Report on MGPI
MGP Ingredients Trading Down 1.9 %
NASDAQ:MGPI opened at $121.28 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.49 and a current ratio of 4.39. MGP Ingredients, Inc. has a one year low of $90.68 and a one year high of $125.74. The business’s 50-day simple moving average is $110.06 and its 200 day simple moving average is $102.01. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 2.06 and a beta of 0.94.
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.24. MGP Ingredients had a return on equity of 14.39% and a net margin of 13.55%. The firm had revenue of $209.00 million for the quarter, compared to analysts’ expectations of $205.30 million. During the same quarter in the prior year, the firm posted $1.15 earnings per share. MGP Ingredients’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that MGP Ingredients, Inc. will post 5.43 earnings per share for the current fiscal year.
MGP Ingredients Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Thursday, August 17th. MGP Ingredients’s payout ratio is currently 9.80%.
MGP Ingredients Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients in the United States and internationally. It operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions. The Distillery Solutions segment provides food grade alcohol for beverage applications that include bourbon and rye, whiskeys, as well as grain neutral spirits, include vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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