Principal Financial Group Inc. Reduces Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Principal Financial Group Inc. reduced its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 14.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,661 shares of the company’s stock after selling 10,824 shares during the quarter. Principal Financial Group Inc. owned 0.30% of MGP Ingredients worth $5,550,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in shares of MGP Ingredients by 45.3% in 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 period. First Horizon Advisors Inc. grew its position in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares during the last quarter. Park Avenue Securities LLC increased its stake in MGP Ingredients by 19.4% in the third quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock worth $281,000 after purchasing an additional 549 shares during the period. Diversified Trust Co lifted its position in shares of MGP Ingredients by 4.7% during the third quarter. Diversified Trust Co now owns 15,125 shares of the company’s stock worth $1,259,000 after purchasing an additional 675 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of MGP Ingredients by 6.5% during the third quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock valued at $948,000 after purchasing an additional 699 shares during the period. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Up 1.3 %

Shares of MGP Ingredients stock opened at $39.37 on Thursday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a market cap of $864.29 million, a P/E ratio of 8.19, a PEG ratio of 0.74 and a beta of 0.63. The firm’s 50 day moving average price is $46.50 and its 200-day moving average price is $68.51. MGP Ingredients, Inc. has a 52-week low of $38.24 and a 52-week high of $101.69.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter last year, the firm earned $1.34 EPS. The business’s quarterly revenue was down 23.7% on a year-over-year basis. On average, sell-side analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

MGPI has been the topic of several recent analyst reports. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MGP Ingredients has a consensus rating of “Moderate Buy” and an average target price of $75.83.

Insider Buying and Selling

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 36.20% of the stock is owned by company insiders.

About MGP Ingredients

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.