Pembroke Management LTD lowered its stake in MGP Ingredients Inc (NASDAQ:MGPI) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 331,504 shares of the company’s stock after selling 4,476 shares during the period. MGP Ingredients makes up approximately 2.3% of Pembroke Management LTD’s holdings, making the stock its 17th largest holding. Pembroke Management LTD owned about 1.95% of MGP Ingredients worth $21,982,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Hawaiian Bank increased its holdings in shares of MGP Ingredients by 74.2% in the first quarter. First Hawaiian Bank now owns 472 shares of the company’s stock worth $36,000 after buying an additional 201 shares during the period. Marshall Wace North America L.P. purchased a new position in shares of MGP Ingredients in the first quarter worth about $37,000. Municipal Employees Retirement System of Michigan bought a new stake in shares of MGP Ingredients in the fourth quarter worth about $208,000. Quantamental Technologies LLC bought a new stake in shares of MGP Ingredients in the first quarter worth about $217,000. Finally, UMB Bank N A MO bought a new stake in shares of MGP Ingredients in the first quarter worth about $230,000. Hedge funds and other institutional investors own 98.10% of the company’s stock.
Shares of NASDAQ MGPI traded up $2.32 during trading hours on Friday, hitting $56.98. The company’s stock had a trading volume of 359,384 shares, compared to its average volume of 273,797. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.59 and a current ratio of 5.26. The stock has a market capitalization of $850.57 million, a PE ratio of 22.32 and a beta of 1.74. MGP Ingredients Inc has a 12 month low of $46.26 and a 12 month high of $100.00. The stock has a 50-day moving average price of $65.70.
MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.06). The business had revenue of $90.50 million during the quarter, compared to the consensus estimate of $91.54 million. MGP Ingredients had a return on equity of 18.75% and a net margin of 10.00%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share. On average, equities research analysts anticipate that MGP Ingredients Inc will post 2.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.70%. MGP Ingredients’s payout ratio is 18.43%.
MGPI has been the topic of several recent analyst reports. Craig Hallum reissued a “buy” rating and issued a $100.00 target price (down from $105.00) on shares of MGP Ingredients in a research note on Wednesday. ValuEngine cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Monday, June 17th. Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Saturday. Finally, BidaskClub cut MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. MGP Ingredients presently has a consensus rating of “Hold” and a consensus price target of $83.67.
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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