Louisiana State Employees Retirement System Reduces Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Louisiana State Employees Retirement System decreased its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 13.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,800 shares of the company’s stock after selling 1,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in MGP Ingredients were worth $566,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares during the last quarter. Isthmus Partners LLC grew its holdings in shares of MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of MGP Ingredients during the second quarter worth about $42,000. LRI Investments LLC purchased a new position in shares of MGP Ingredients during the first quarter worth about $43,000. Finally, Covestor Ltd grew its holdings in shares of MGP Ingredients by 23.3% during the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Insider Activity

In other news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients 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 completion of the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.20% of the company’s stock.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $46.95 on Wednesday. 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 $1.03 billion, a P/E ratio of 9.70, a PEG ratio of 0.74 and a beta of 0.66. MGP Ingredients, Inc. has a 52 week low of $45.44 and a 52 week high of $102.42. The company has a 50-day moving average price of $76.84 and a 200 day moving average price of $78.18.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm’s revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 earnings per share. Research analysts predict that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Truist Financial dropped their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $135.00 to $75.00 in a report on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Roth Mkm lowered their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.00.

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.