The Manufacturers Life Insurance Company Cuts Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

The Manufacturers Life Insurance Company decreased its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 6.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,837 shares of the company’s stock after selling 567 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in MGP Ingredients were worth $583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in MGP Ingredients by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 1,126,323 shares of the company’s stock valued at $110,965,000 after purchasing an additional 31,839 shares in the last quarter. Confluence Investment Management LLC bought a new position in shares of MGP Ingredients in the 1st quarter valued at about $3,026,000. Moody National Bank Trust Division lifted its holdings in shares of MGP Ingredients by 23.5% in the 1st quarter. Moody National Bank Trust Division now owns 12,943 shares of the company’s stock valued at $1,115,000 after acquiring an additional 2,465 shares during the last quarter. NBC Securities Inc. grew its position in MGP Ingredients by 21.4% in the first quarter. NBC Securities Inc. now owns 8,236 shares of the company’s stock worth $719,000 after acquiring an additional 1,451 shares in the last quarter. Finally, Congress Asset Management Co. MA increased its stake in MGP Ingredients by 21.7% during the first quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock worth $33,333,000 after acquiring an additional 68,950 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MGPI shares. Roth Mkm reaffirmed a “buy” rating and issued a $92.00 price objective on shares of MGP Ingredients in a research note on Thursday, July 25th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI opened at $80.15 on Wednesday. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. MGP Ingredients, Inc. has a 12 month low of $68.86 and a 12 month high of $103.04. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 1.16 and a beta of 0.59. The firm’s 50-day moving average is $84.69 and its 200 day moving average is $80.30.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter in the prior year, the firm posted $1.49 earnings per share. The company’s quarterly revenue was down 8.7% on a year-over-year basis. Research analysts predict that MGP Ingredients, Inc. will post 6.25 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. MGP Ingredients’s dividend payout ratio (DPR) is 11.09%.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 36.20% of the company’s stock.

MGP Ingredients 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.