1,292 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Acquired by Truvestments Capital LLC

Truvestments Capital LLC bought a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,292 shares of the company’s stock, valued at approximately $108,000.

Other institutional investors have also made changes to their positions in the company. CWM LLC increased its holdings in shares of MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares during the last quarter. Isthmus Partners LLC increased its holdings in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after acquiring an additional 860 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $42,000. LRI Investments LLC acquired a new position in MGP Ingredients in the 1st quarter valued at $43,000. Finally, Farther Finance Advisors LLC grew its holdings in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares in the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $44.42 on Wednesday. The stock has a fifty day moving average price of $65.40 and a 200-day moving average price of $74.83. The company has a market cap of $975.02 million, a price-to-earnings ratio of 9.23, a PEG ratio of 0.76 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. MGP Ingredients, Inc. has a fifty-two week low of $43.48 and a fifty-two week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.34 EPS. As a group, equities analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.08%. MGP Ingredients’s dividend payout ratio is currently 9.98%.

Analyst Ratings Changes

A number of brokerages have commented on MGPI. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Roth Mkm decreased their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Truist Financial decreased their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the sale, the director now directly owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 36.20% of the stock is owned by corporate insiders.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.