Schwab Charles Investment Management Inc. lifted its stake in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 1.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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. owned 0.40% of MGP Ingredients worth $5,962,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MGPI. Swiss National Bank increased its holdings in MGP Ingredients by 5.2% in the first quarter. Swiss National Bank now owns 20,400 shares of the company’s stock valued at $1,828,000 after buying an additional 1,000 shares during the last quarter. Prudential Financial Inc. acquired a new position in MGP Ingredients in the first quarter valued at $2,010,000. Commerce Bank acquired a new position in MGP Ingredients in the first quarter valued at $202,000. New York State Teachers Retirement System acquired a new stake in shares of MGP Ingredients during the first quarter worth about $439,000. Finally, Comerica Bank boosted its stake in shares of MGP Ingredients by 138.2% during the first quarter. Comerica Bank now owns 31,069 shares of the company’s stock worth $2,809,000 after buying an additional 18,024 shares during the period. Hedge funds and other institutional investors own 99.24% of the company’s stock.
MGP Ingredients opened at $88.81 on Friday, MarketBeat reports. The firm has a market cap of $1.52 billion, a P/E ratio of 47.49, a PEG ratio of 2.83 and a beta of 1.00. MGP Ingredients Inc has a 12-month low of $49.58 and a 12-month high of $99.73. The company has a current ratio of 4.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.18.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Wednesday, May 2nd. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The business had revenue of $88.00 million for the quarter, compared to the consensus estimate of $92.80 million. MGP Ingredients had a net margin of 11.83% and a return on equity of 18.46%. MGP Ingredients’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.50 EPS. equities analysts expect that MGP Ingredients Inc will post 2.13 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Wednesday, May 16th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Tuesday, May 15th. MGP Ingredients’s dividend payout ratio is currently 17.11%.
A number of equities research analysts recently commented on the stock. BidaskClub downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research cut shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus dropped their price objective on shares of MGP Ingredients from $76.00 to $73.00 and set a “hold” rating for the company in a research note on Tuesday, March 6th. Finally, ValuEngine raised shares of MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $87.33.
In other MGP Ingredients news, VP David E. Rindom sold 55,858 shares of the company’s stock in a transaction that occurred on Thursday, May 31st. The shares were sold at an average price of $88.24, for a total value of $4,928,909.92. Following the transaction, the vice president now owns 51,947 shares in the company, valued at approximately $4,583,803.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP David E. Dykstra sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $85.17, for a total transaction of $851,700.00. Following the completion of the transaction, the vice president now owns 40,933 shares in the company, valued at approximately $3,486,263.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,226 shares of company stock valued at $9,191,481. Company insiders own 22.19% of the company’s stock.
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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