Wells Fargo & Company MN raised its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 18.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 34,376 shares of the company’s stock after purchasing an additional 5,304 shares during the period. Wells Fargo & Company MN owned 0.21% of MGP Ingredients worth $2,084,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Victory Capital Management Inc. increased its position in MGP Ingredients by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,165 shares of the company’s stock valued at $111,000 after purchasing an additional 325 shares during the period. SG Americas Securities LLC purchased a new position in MGP Ingredients during the 3rd quarter valued at about $128,000. ETF Managers Group LLC purchased a new position in MGP Ingredients during the 2nd quarter valued at about $134,000. Suntrust Banks Inc. purchased a new position in MGP Ingredients during the 2nd quarter valued at about $208,000. Finally, Principal Financial Group Inc. increased its position in MGP Ingredients by 15.0% during the 2nd quarter. Principal Financial Group Inc. now owns 6,101 shares of the company’s stock valued at $312,000 after purchasing an additional 798 shares during the period.
A number of research analysts have recently issued reports on MGPI shares. Zacks Investment Research raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Tuesday, October 10th. SunTrust Banks reaffirmed a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Stifel Nicolaus started coverage on shares of MGP Ingredients in a research report on Tuesday, December 5th. They issued a “hold” rating and a $73.00 price objective on the stock. Finally, BidaskClub downgraded shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 9th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $71.75.
MGP Ingredients, Inc. (NASDAQ MGPI) opened at $75.39 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.45 and a quick ratio of 1.54. MGP Ingredients, Inc. has a 12-month low of $41.16 and a 12-month high of $80.75. The stock has a market cap of $1,261.21, a P/E ratio of 34.74, a PEG ratio of 2.22 and a beta of 0.95.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.45. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.70%. The firm had revenue of $86.30 million for the quarter, compared to the consensus estimate of $83.57 million. During the same quarter in the previous year, the firm earned $0.55 EPS. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. research analysts forecast that MGP Ingredients, Inc. will post 2.2 earnings per share for the current year.
In related news, VP Stephen J. Glaser sold 5,800 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total value of $434,536.00. Following the completion of the sale, the vice president now directly owns 17,080 shares in the company, valued at approximately $1,279,633.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Seaberg sold 2,492 shares of MGP Ingredients stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $73.05, for a total transaction of $182,040.60. Following the completion of the sale, the director now owns 10,591 shares of the company’s stock, valued at $773,672.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,597 shares of company stock worth $3,885,856. Insiders own 23.50% of the company’s stock.
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MGP Ingredients Company Profile
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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