MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Purchased by Point72 DIFC Ltd

Point72 DIFC Ltd boosted its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 2,375.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,015 shares of the company’s stock after purchasing an additional 974 shares during the quarter. Point72 DIFC Ltd’s holdings in MGP Ingredients were worth $84,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGPI. Natixis Advisors LLC raised its position in shares of MGP Ingredients by 107.9% in the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after buying an additional 13,332 shares during the last quarter. ZWJ Investment Counsel Inc. raised its holdings in MGP Ingredients by 2.5% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after acquiring an additional 7,042 shares during the last quarter. GSA Capital Partners LLP purchased a new position in MGP Ingredients in the 3rd quarter worth approximately $1,010,000. NFJ Investment Group LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth approximately $3,181,000. Finally, Envestnet Asset Management Inc. grew its position in shares of MGP Ingredients by 20.3% in the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after purchasing an additional 19,203 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients 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 completion of the transaction, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

MGP Ingredients Price Performance

Shares of MGPI opened at $44.48 on Monday. The firm has a 50-day simple moving average of $58.64 and a two-hundred day simple moving average of $72.61. The stock has a market cap of $976.47 million, a PE ratio of 9.25, a P/E/G ratio of 0.75 and a beta of 0.63. MGP Ingredients, Inc. has a 1-year low of $43.48 and a 1-year high of $102.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results 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 net margin of 14.44% and a return on equity of 14.39%. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same quarter last year, the firm earned $1.34 EPS. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s payout ratio is 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.