Point72 Asia Singapore Pte. Ltd. Grows Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Point72 Asia Singapore Pte. Ltd. increased its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 187.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,261 shares of the company’s stock after acquiring an additional 823 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in MGP Ingredients were worth $105,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. CWM LLC increased its stake in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares during the last quarter. Isthmus Partners LLC increased its position in shares of MGP Ingredients by 2.1% in 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 stake in MGP Ingredients in the second quarter valued at approximately $42,000. Farther Finance Advisors LLC lifted its position in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after buying an additional 322 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MGPI shares. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial lowered their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm decreased their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients currently has an average rating of “Moderate Buy” and an average price target of $76.67.

Insider Buying and Selling at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Stock Up 1.0 %

MGPI opened at $46.27 on Friday. MGP Ingredients, Inc. has a 12 month low of $43.48 and a 12 month high of $102.42. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $59.40 and its 200-day moving average price is $72.94. The company has a market cap of $1.02 billion, a P/E ratio of 9.62, a P/E/G ratio of 0.74 and a beta of 0.63.

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

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

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.