MGP Ingredients, Inc. (NASDAQ:MGPI) Stock Position Boosted by First Horizon Advisors Inc.

First Horizon Advisors Inc. raised its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 73.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 760 shares of the company’s stock after buying an additional 322 shares during the period. First Horizon Advisors Inc.’s holdings in MGP Ingredients were worth $63,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC raised its holdings in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares in the last quarter. Isthmus Partners LLC boosted its stake in MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new position in MGP Ingredients during the second quarter worth about $42,000. LRI Investments LLC acquired a new stake in MGP Ingredients in the 1st quarter valued at about $43,000. Finally, Farther Finance Advisors LLC lifted 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 acquiring an additional 186 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MGPI has been the subject of several recent research reports. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial decreased their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Roth Mkm cut 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. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Stock Performance

MGP Ingredients stock opened at $45.50 on Monday. The company has a market cap of $998.73 million, a PE ratio of 9.46, a PEG ratio of 0.76 and a beta of 0.66. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 1 year low of $44.96 and a 1 year high of $102.42. The company’s 50-day moving average is $66.17 and its two-hundred day moving average is $75.10.

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

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Seaberg sold 1,109 shares of MGP Ingredients 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 transaction, the director now directly owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This trade represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Company Profile

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.