Allianz Asset Management GmbH lifted its position in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 87.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 164,467 shares of the company’s stock after buying an additional 76,763 shares during the quarter. Allianz Asset Management GmbH owned about 0.98% of MGP Ingredients worth $12,644,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in MGP Ingredients by 13.1% in the third quarter. Bank of New York Mellon Corp now owns 142,994 shares of the company’s stock valued at $8,669,000 after purchasing an additional 16,604 shares in the last quarter. California Public Employees Retirement System raised its stake in MGP Ingredients by 10.8% during the fourth quarter. California Public Employees Retirement System now owns 44,061 shares of the company’s stock worth $3,387,000 after acquiring an additional 4,300 shares in the last quarter. New York State Common Retirement Fund raised its stake in MGP Ingredients by 108.7% during the third quarter. New York State Common Retirement Fund now owns 29,634 shares of the company’s stock worth $1,797,000 after acquiring an additional 15,434 shares in the last quarter. Acadian Asset Management LLC acquired a new position in MGP Ingredients during the fourth quarter worth about $272,000. Finally, EAM Investors LLC grew its holdings in shares of MGP Ingredients by 75.9% during the third quarter. EAM Investors LLC now owns 40,654 shares of the company’s stock worth $2,465,000 after purchasing an additional 17,545 shares during the last quarter. 95.31% of the stock is owned by institutional investors.
In other news, CEO Augustus C. Griffin purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was bought at an average price of $76.33 per share, for a total transaction of $76,330.00. Following the purchase, the chief executive officer now owns 108,084 shares of the company’s stock, valued at $8,250,051.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Seaberg sold 4,600 shares of the stock in a transaction on Thursday, March 22nd. The stock was sold at an average price of $87.36, for a total value of $401,856.00. Following the transaction, the director now owns 11,241 shares of the company’s stock, valued at approximately $982,013.76. The disclosure for this sale can be found here. Insiders sold a total of 33,770 shares of company stock valued at $2,752,401 in the last 90 days. Corporate insiders own 23.50% of the company’s stock.
NASDAQ MGPI traded down $3.53 on Monday, reaching $86.06. The company had a trading volume of 258,624 shares, compared to its average volume of 209,389. The firm has a market capitalization of $1,504.96, a P/E ratio of 46.05, a PEG ratio of 2.79 and a beta of 1.06. MGP Ingredients Inc has a 52-week low of $47.64 and a 52-week high of $90.84. The company has a current ratio of 3.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, March 1st. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.06. The business had revenue of $88.20 million during the quarter, compared to analyst estimates of $85.44 million. MGP Ingredients had a return on equity of 18.76% and a net margin of 11.71%. MGP Ingredients’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. sell-side analysts predict that MGP Ingredients Inc will post 2.14 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 23rd. Shareholders of record on Friday, March 9th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Thursday, March 8th. This is an increase from MGP Ingredients’s previous quarterly dividend of $0.04. MGP Ingredients’s dividend payout ratio is 17.11%.
MGPI has been the topic of several research reports. BidaskClub upgraded MGP Ingredients from a “buy” rating to a “strong-buy” rating in a report on Friday. Zacks Investment Research upgraded MGP Ingredients from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a report on Thursday, January 18th. Craig Hallum reiterated a “buy” rating and issued a $105.00 target price (up from $90.00) on shares of MGP Ingredients in a report on Monday, January 29th. Stifel Nicolaus began coverage on MGP Ingredients in a report on Tuesday, December 5th. They issued a “hold” rating and a $73.00 target price on the stock. Finally, Sidoti upgraded MGP Ingredients from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $87.33.
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About MGP Ingredients
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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