State Street Corp Grows Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

State Street Corp grew its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 22.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 717,675 shares of the company’s stock after buying an additional 131,542 shares during the period. State Street Corp owned 3.27% of MGP Ingredients worth $59,746,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC raised its holdings in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after acquiring an additional 325 shares during the last quarter. Isthmus Partners LLC increased its holdings in shares of MGP Ingredients by 2.1% in the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after purchasing an additional 860 shares during the last quarter. Innealta Capital LLC purchased a new position in MGP Ingredients during the second quarter worth approximately $42,000. Farther Finance Advisors LLC boosted its stake in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after buying an additional 322 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $42.60 on Thursday. MGP Ingredients, Inc. has a fifty-two week low of $42.21 and a fifty-two week high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The company has a 50 day moving average price of $53.60 and a 200 day moving average price of $71.12. The stock has a market capitalization of $935.20 million, a P/E ratio of 8.86, a PEG ratio of 0.74 and a beta of 0.63.

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

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.98%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MGPI shares. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Roth Mkm cut their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is owned by insiders.

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.