3,647 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Purchased by Atria Investments Inc

Atria Investments Inc acquired a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,647 shares of the company’s stock, valued at approximately $304,000.

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. grew 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 buying an additional 699 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the period. Rice Hall James & Associates LLC bought a new position in MGP Ingredients in the 3rd quarter valued at $6,545,000. Congress Asset Management Co. increased its stake in MGP Ingredients by 18.6% in the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after purchasing an additional 76,835 shares during the period. Finally, Foundations Investment Advisors LLC bought a new stake in shares of MGP Ingredients during the third quarter worth $208,000. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $45.50 on Friday. The firm has a market cap of $998.86 million, a price-to-earnings ratio of 9.43, a PEG ratio of 0.76 and a beta of 0.66. MGP Ingredients, Inc. has a 52-week low of $44.96 and a 52-week high of $102.42. 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’s 50 day moving average is $66.96 and its 200 day moving average is $75.42.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s revenue was down 23.7% compared to the same quarter last year. During the same period last year, the business posted $1.34 EPS. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s payout ratio is 9.98%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. TD Cowen cut 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. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Roth Mkm lowered their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Truist Financial reduced 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. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $76.67.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction on 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 in the company, valued at $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.