JPMorgan Chase & Co. Increases Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

JPMorgan Chase & Co. boosted its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 201.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,723 shares of the company’s stock after acquiring an additional 43,233 shares during the quarter. JPMorgan Chase & Co. owned about 0.29% of MGP Ingredients worth $5,388,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new position in shares of MGP Ingredients during the second quarter worth $22,028,000. Ariel Investments LLC increased its stake in MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after buying an additional 248,076 shares during the period. FMR LLC lifted its holdings in MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after buying an additional 137,292 shares in the last quarter. State Street Corp boosted its position in MGP Ingredients by 22.4% in the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after buying an additional 131,542 shares during the last quarter. Finally, Portolan Capital Management LLC acquired a new stake in shares of MGP Ingredients during the third quarter valued at about $6,777,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Stock Performance

Shares of MGPI opened at $35.91 on Friday. The stock has a market capitalization of $788.33 million, a PE ratio of 7.47 and a beta of 0.65. The business’s fifty day moving average price is $43.17 and its 200 day moving average price is $65.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. MGP Ingredients, Inc. has a 12-month low of $34.02 and a 12-month high of $92.90.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. During the same period last year, the firm posted $1.34 EPS. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. Equities research analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.34%. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

Several research firms recently commented on MGPI. Roth Mkm cut their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Wells Fargo & Company cut their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research report on Friday, October 18th. Truist Financial cut their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.29.

Insider Activity

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 completion of the transaction, the director now owns 37,373 shares in the company, 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. 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.