AdvisorShares Investments LLC trimmed its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) by 51.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,800 shares of the company’s stock after selling 3,000 shares during the quarter. AdvisorShares Investments LLC’s holdings in MGP Ingredients were worth $240,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in MGPI. Stephens Investment Management Group LLC boosted its holdings in shares of MGP Ingredients by 13.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,232,322 shares of the company’s stock worth $104,735,000 after acquiring an additional 145,113 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of MGP Ingredients by 2,662.9% in the 4th quarter. Victory Capital Management Inc. now owns 101,621 shares of the company’s stock worth $8,637,000 after acquiring an additional 97,943 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of MGP Ingredients by 25.0% in the 4th quarter. Nuveen Asset Management LLC now owns 294,784 shares of the company’s stock worth $25,054,000 after acquiring an additional 59,035 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of MGP Ingredients by 64.4% in the 4th quarter. Invesco Ltd. now owns 137,625 shares of the company’s stock worth $11,697,000 after acquiring an additional 53,926 shares in the last quarter. Finally, Confluence Investment Management LLC acquired a new position in MGP Ingredients during the 1st quarter worth $3,385,000. 77.38% of the stock is owned by institutional investors and hedge funds.
MGP Ingredients Stock Performance
Shares of MGP Ingredients stock opened at $109.03 on Friday. The firm has a fifty day moving average of $99.16 and a two-hundred day moving average of $90.48. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 20.49 and a beta of 1.01. MGP Ingredients, Inc. has a 52 week low of $60.43 and a 52 week high of $109.28. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.61 and a current ratio of 4.53.
MGP Ingredients Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Thursday, August 18th. MGP Ingredients’s payout ratio is 9.02%.
Insider Activity at MGP Ingredients
In other news, Director Donn S. Lux acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was acquired at an average price of $93.37 per share, for a total transaction of $466,850.00. Following the transaction, the director now directly owns 3,955,180 shares in the company, valued at $369,295,156.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Karen Seaberg sold 1,000 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $105.63, for a total value of $105,630.00. Following the completion of the sale, the director now owns 61,632 shares in the company, valued at approximately $6,510,188.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Donn S. Lux acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was purchased at an average price of $93.37 per share, with a total value of $466,850.00. Following the transaction, the director now owns 3,955,180 shares in the company, valued at $369,295,156.60. The disclosure for this purchase can be found here. Insiders sold a total of 11,202 shares of company stock worth $1,120,098 in the last quarter. Corporate insiders own 36.70% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, Roth Capital began coverage on MGP Ingredients in a report on Thursday, June 30th. They set a “buy” rating and a $115.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.50.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; 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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