Schwab Charles Investment Management Inc. raised its holdings in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 1.2% during the 1st quarter, HoldingsChannel reports. The fund owned 66,538 shares of the company’s stock after purchasing an additional 801 shares during the period. Schwab Charles Investment Management Inc.’s holdings in MGP Ingredients were worth $5,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC raised its stake in MGP Ingredients by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 117,978 shares of the company’s stock valued at $9,070,000 after acquiring an additional 817 shares in the last quarter. Swiss National Bank raised its stake in MGP Ingredients by 5.2% during the 1st quarter. Swiss National Bank now owns 20,400 shares of the company’s stock valued at $1,828,000 after acquiring an additional 1,000 shares in the last quarter. Earnest Partners LLC bought a new stake in MGP Ingredients during the 4th quarter valued at $115,000. Advisor Group Inc. raised its stake in MGP Ingredients by 636.1% during the 4th quarter. Advisor Group Inc. now owns 2,488 shares of the company’s stock valued at $191,000 after acquiring an additional 2,150 shares in the last quarter. Finally, Commerce Bank bought a new stake in MGP Ingredients during the 1st quarter valued at $202,000. 99.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGP Ingredients opened at $94.62 on Friday, Marketbeat.com reports. MGP Ingredients Inc has a 1 year low of $47.68 and a 1 year high of $99.73. The firm has a market cap of $1.61 billion, a PE ratio of 52.48, a PEG ratio of 2.99 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.24 and a current ratio of 4.31.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Wednesday, May 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). MGP Ingredients had a net margin of 11.83% and a return on equity of 18.46%. The firm had revenue of $88.00 million for the quarter, compared to analyst estimates of $92.80 million. During the same quarter last year, the business posted $0.50 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. research analysts expect that MGP Ingredients Inc will post 2.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Wednesday, May 16th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.34%. The ex-dividend date was Tuesday, May 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 17.11%.
Several analysts have weighed in on MGPI shares. Zacks Investment Research raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Tuesday, March 6th. Stifel Nicolaus cut their target price on MGP Ingredients from $76.00 to $73.00 and set a “hold” rating on the stock in a research note on Tuesday, March 6th. BidaskClub raised MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 30th. Finally, ValuEngine raised MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. MGP Ingredients currently has an average rating of “Buy” and a consensus price target of $87.33.
In related news, VP David E. Dykstra sold 300 shares of MGP Ingredients stock in a transaction on Friday, May 11th. The stock was sold at an average price of $88.01, for a total value of $26,403.00. Following the transaction, the vice president now directly owns 40,933 shares in the company, valued at approximately $3,602,513.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Seaberg sold 2,450 shares of MGP Ingredients stock in a transaction on Thursday, April 19th. The stock was sold at an average price of $90.00, for a total value of $220,500.00. Following the completion of the transaction, the director now owns 11,241 shares in the company, valued at $1,011,690. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,615 shares of company stock worth $8,778,520. 22.19% of the stock is owned by insiders.
MGP Ingredients Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including 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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