Geode Capital Management LLC Sells 8,564 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Geode Capital Management LLC cut its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 344,143 shares of the company’s stock after selling 8,564 shares during the quarter. Geode Capital Management LLC owned 1.57% of MGP Ingredients worth $28,655,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MGPI. MML Investors Services LLC increased its stake in shares of MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock valued at $410,000 after buying an additional 1,083 shares during the period. Villanova Investment Management Co LLC grew its holdings in MGP Ingredients by 6.2% during the 3rd quarter. Villanova Investment Management Co LLC now owns 22,730 shares of the company’s stock worth $1,892,000 after acquiring an additional 1,333 shares during the last quarter. Weiss Asset Management LP acquired a new position in MGP Ingredients in the 3rd quarter valued at approximately $986,000. State Street Corp raised its stake in shares of MGP Ingredients by 22.4% during the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after acquiring an additional 131,542 shares during the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of MGP Ingredients by 39.9% during the third quarter. Stifel Financial Corp now owns 11,940 shares of the company’s stock worth $994,000 after purchasing an additional 3,406 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. 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. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Finally, Lake Street Capital lowered shares of 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.83.

MGP Ingredients Trading Up 1.1 %

MGPI opened at $40.27 on Friday. The company has a fifty day moving average price of $48.07 and a two-hundred day moving average price of $69.51. MGP Ingredients, Inc. has a 1-year low of $38.65 and a 1-year high of $102.42. The company has a market cap of $884.05 million, a P/E ratio of 8.37, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last issued its 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 return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same period last year, the business earned $1.34 EPS. MGP Ingredients’s quarterly revenue was down 23.7% compared to the same quarter last year. Analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.19%. MGP Ingredients’s payout ratio is 9.98%.

Insider Buying and Selling at MGP Ingredients

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

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.