Standard Life Aberdeen plc boosted its stake in MGP Ingredients Inc (NASDAQ:MGPI) by 6.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 671,610 shares of the company’s stock after acquiring an additional 42,247 shares during the period. Standard Life Aberdeen plc owned 3.94% of MGP Ingredients worth $32,540,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can bought a new stake in MGP Ingredients in the fourth quarter valued at $778,000. Diversified Trust Co boosted its holdings in MGP Ingredients by 22.8% in the fourth quarter. Diversified Trust Co now owns 6,200 shares of the company’s stock valued at $300,000 after acquiring an additional 1,150 shares in the last quarter. AdvisorShares Investments LLC bought a new stake in MGP Ingredients in the fourth quarter valued at $211,000. Squarepoint Ops LLC boosted its holdings in MGP Ingredients by 193.5% in the third quarter. Squarepoint Ops LLC now owns 23,482 shares of the company’s stock valued at $1,167,000 after acquiring an additional 15,482 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in MGP Ingredients by 39.9% in the third quarter. First Trust Advisors LP now owns 7,209 shares of the company’s stock valued at $358,000 after acquiring an additional 2,056 shares in the last quarter.
In other MGP Ingredients news, Director David Colo bought 3,600 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $27.73 per share, with a total value of $99,828.00. Following the transaction, the director now owns 14,239 shares in the company, valued at $394,847.47. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Augustus C. Griffin bought 2,500 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was acquired at an average cost of $24.65 per share, with a total value of $61,625.00. Following the transaction, the chief executive officer now owns 121,809 shares in the company, valued at approximately $3,002,591.85. The disclosure for this purchase can be found here. In the last three months, insiders acquired 16,953 shares of company stock valued at $438,424. 24.26% of the stock is owned by insiders.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.06. The firm had revenue of $92.50 million during the quarter, compared to analyst estimates of $91.54 million. MGP Ingredients had a return on equity of 17.76% and a net margin of 10.63%. MGP Ingredients’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 EPS. Research analysts anticipate that MGP Ingredients Inc will post 2.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a $0.12 dividend. This is a positive change from MGP Ingredients’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 1.82%. MGP Ingredients’s payout ratio is 21.15%.
Several brokerages have commented on MGPI. Zacks Investment Research lowered MGP Ingredients from a “hold” rating to a “strong sell” rating in a research report on Friday, January 31st. Craig Hallum lowered their price objective on MGP Ingredients from $40.00 to $32.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. BidaskClub raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Tuesday, March 3rd. Finally, SunTrust Banks reissued a “hold” rating and set a $45.00 price objective on shares of MGP Ingredients in a research report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. MGP Ingredients presently has an average rating of “Hold” and a consensus target price of $46.00.
About MGP Ingredients
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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