Atom Investors LP Makes New Investment in MGP Ingredients, Inc. (NASDAQ:MGPI)

Atom Investors LP acquired a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) in the third quarter, HoldingsChannel reports. The firm acquired 6,168 shares of the company’s stock, valued at approximately $513,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. CWM LLC increased its stake in MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. Innealta Capital LLC purchased a new stake in MGP Ingredients in the 2nd quarter valued at about $42,000. Farther Finance Advisors LLC grew its holdings in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares during the period. First Horizon Advisors Inc. increased its stake in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of MGP Ingredients during the 2nd quarter worth about $82,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Price Performance

Shares of MGPI opened at $45.33 on Wednesday. The stock’s fifty day moving average is $60.82 and its 200-day moving average is $73.32. The firm has a market capitalization of $994.99 million, a price-to-earnings ratio of 9.42, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63. MGP Ingredients, Inc. has a one year low of $43.48 and a one year high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. MGP Ingredients’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.34 earnings per share. Equities analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.06%. MGP Ingredients’s payout ratio is presently 9.98%.

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 shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 36.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MGPI shares. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

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.