Confluence Investment Management LLC decreased its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,716 shares of the company’s stock after selling 2,311 shares during the period. Confluence Investment Management LLC owned approximately 0.22% of MGP Ingredients worth $5,182,000 as of its most recent SEC filing.
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Other large investors have also recently modified their holdings of the company. WD Rutherford LLC bought a new stake in MGP Ingredients during the third quarter worth about $25,000. Captrust Financial Advisors boosted its stake in MGP Ingredients by 76.2% during the first quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock worth $82,000 after acquiring an additional 412 shares in the last quarter. SeaCrest Wealth Management LLC bought a new stake in MGP Ingredients during the second quarter worth about $109,000. SG Americas Securities LLC bought a new stake in MGP Ingredients during the third quarter worth about $112,000. Finally, PNC Financial Services Group Inc. boosted its stake in MGP Ingredients by 22.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock worth $120,000 after acquiring an additional 254 shares in the last quarter. Institutional investors own 78.64% of the company’s stock.
MGP Ingredients Trading Up 0.8 %
Shares of NASDAQ MGPI opened at $93.49 on Friday. The firm’s 50 day moving average price is $98.53 and its 200-day moving average price is $106.49. The company has a market cap of $2.06 billion, a PE ratio of 19.04 and a beta of 0.88. MGP Ingredients, Inc. has a 52-week low of $78.83 and a 52-week high of $125.74. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 4.31.
MGP Ingredients (NASDAQ:MGPI – Get Rating) last issued its earnings results on Thursday, February 23rd. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.14. MGP Ingredients had a net margin of 13.92% and a return on equity of 15.27%. The firm had revenue of $191.00 million for the quarter, compared to the consensus estimate of $183.86 million. During the same quarter in the prior year, the firm posted $0.87 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. On average, equities research analysts expect that MGP Ingredients, Inc. will post 5.16 EPS for the current fiscal year.
MGP Ingredients Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Friday, March 10th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.51%. MGP Ingredients’s payout ratio is 9.78%.
Insider Activity
In other news, Director Karen Seaberg sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $97.73, for a total transaction of $205,233.00. Following the completion of the transaction, the director now directly owns 167,308 shares of the company’s stock, valued at $16,351,010.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 28,679 shares of company stock valued at $2,781,738 over the last three months. Insiders own 36.70% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on MGPI shares. StockNews.com started coverage on shares of MGP Ingredients in a research note on Thursday. They set a “hold” rating on the stock. Wells Fargo & Company dropped their target price on shares of MGP Ingredients from $128.00 to $118.00 and set an “overweight” rating on the stock in a research note on Thursday, February 2nd.
About MGP Ingredients
MGP Ingredients, Inc engages in the manufacture and trade of food, beverage, specialty wheat protein and starch food ingredients. It operates through the following segments: Distillery Products, Branded Spirits and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed and fuel grade alcohol.
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