Congress Wealth Management LLC DE Sells 3,986 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Congress Wealth Management LLC DE lessened its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPIFree Report) by 10.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,420 shares of the company’s stock after selling 3,986 shares during the quarter. Congress Wealth Management LLC DE owned approximately 0.16% of MGP Ingredients worth $3,490,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Global Retirement Partners LLC increased its stake in shares of MGP Ingredients by 464.8% in the fourth quarter. Global Retirement Partners LLC now owns 401 shares of the company’s stock valued at $37,000 after buying an additional 330 shares during the period. Quest Partners LLC acquired a new position in MGP Ingredients in the 4th quarter valued at approximately $72,000. Bare Financial Services Inc bought a new position in shares of MGP Ingredients during the fourth quarter valued at $106,000. Quantbot Technologies LP lifted its holdings in shares of MGP Ingredients by 99.9% during the third quarter. Quantbot Technologies LP now owns 1,641 shares of the company’s stock worth $173,000 after purchasing an additional 820 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of MGP Ingredients in the fourth quarter worth $190,000. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

MGPI stock opened at $75.23 on Monday. The company has a quick ratio of 1.97, a current ratio of 6.32 and a debt-to-equity ratio of 0.34. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 1.11 and a beta of 0.75. The company’s fifty day simple moving average is $80.95 and its 200 day simple moving average is $86.91. MGP Ingredients, Inc. has a 12-month low of $74.86 and a 12-month high of $124.96.

MGP Ingredients (NASDAQ:MGPIGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.07. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The firm had revenue of $170.56 million during the quarter, compared to analyst estimates of $170.31 million. During the same period last year, the company posted $1.39 EPS. The business’s quarterly revenue was down 15.1% on a year-over-year basis. On average, analysts expect that MGP Ingredients, Inc. will post 6.19 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Thursday, May 16th. MGP Ingredients’s payout ratio is 11.09%.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 2,430 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the transaction, the director now owns 47,287 shares in the company, valued at approximately $3,729,998.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Lori L.S. Mingus sold 2,430 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total value of $191,678.40. Following the completion of the sale, the director now directly owns 47,287 shares in the company, valued at approximately $3,729,998.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Donn S. Lux sold 10,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the sale, the director now directly owns 2,695,264 shares of the company’s stock, valued at $223,706,912. The disclosure for this sale can be found here. Insiders sold a total of 34,430 shares of company stock valued at $2,836,678 in the last quarter. 36.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MGPI has been the subject of several analyst reports. Wedbush reaffirmed an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a research report on Monday, April 29th. Roth Mkm lowered their price objective on MGP Ingredients from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, April 26th.

Check Out Our Latest Research Report on MGP Ingredients

MGP Ingredients Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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