Massachusetts Financial Services Co. MA Invests $22.03 Million in MGP Ingredients, Inc. (NASDAQ:MGPI)

Massachusetts Financial Services Co. MA acquired a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 296,072 shares of the company’s stock, valued at approximately $22,028,000. Massachusetts Financial Services Co. MA owned about 1.34% of MGP Ingredients as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of MGP Ingredients by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 698,346 shares of the company’s stock valued at $68,804,000 after purchasing an additional 17,967 shares during the last quarter. Quest Partners LLC acquired a new position in MGP Ingredients in the fourth quarter valued at about $72,000. Cape Investment Advisory Inc. purchased a new position in MGP Ingredients during the fourth quarter worth about $225,000. Isthmus Partners LLC increased its position in shares of MGP Ingredients by 19.9% during the fourth quarter. Isthmus Partners LLC now owns 23,265 shares of the company’s stock valued at $2,292,000 after acquiring an additional 3,859 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in shares of MGP Ingredients by 1.6% in the 4th quarter. Stephens Investment Management Group LLC now owns 888,850 shares of the company’s stock valued at $87,570,000 after acquiring an additional 13,587 shares during the period. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Trading Down 1.5 %

NASDAQ MGPI opened at $83.84 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.19 and a beta of 0.59. The firm has a 50 day simple moving average of $84.50 and a 200-day simple moving average of $80.69. MGP Ingredients, Inc. has a one year low of $68.86 and a one year high of $109.41.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.54 by $0.17. The company had revenue of $190.80 million during the quarter, compared to analysts’ expectations of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.49 EPS. Equities research analysts anticipate that MGP Ingredients, Inc. will post 6.25 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued 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 yield of 0.57%. MGP Ingredients’s dividend payout ratio (DPR) is 11.09%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. The sale was disclosed in a filing with the SEC, which is accessible through this link. 36.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MGPI. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. 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.

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.