Stephens Investment Management Group LLC decreased its holdings in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 15.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 580,975 shares of the company’s stock after selling 107,827 shares during the quarter. Stephens Investment Management Group LLC owned about 3.41% of MGP Ingredients worth $38,524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of MGPI. Marshall Wace North America L.P. acquired a new stake in MGP Ingredients in the first quarter valued at approximately $37,000. Quantamental Technologies LLC purchased a new position in MGP Ingredients in the 1st quarter valued at $217,000. UMB Bank N A MO purchased a new position in MGP Ingredients in the 1st quarter valued at $230,000. Stevens Capital Management LP purchased a new stake in shares of MGP Ingredients during the 1st quarter worth $230,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of MGP Ingredients by 628.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,132 shares of the company’s stock worth $242,000 after purchasing an additional 2,702 shares in the last quarter. 98.10% of the stock is currently owned by institutional investors and hedge funds.
MGPI has been the subject of several analyst reports. ValuEngine downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Monday, June 17th. Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Saturday, August 3rd. Craig Hallum reissued a “buy” rating and issued a $100.00 price objective (down from $105.00) on shares of MGP Ingredients in a research note on Wednesday, July 31st. Finally, BidaskClub lowered MGP Ingredients from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $83.67.
MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.06). The business had revenue of $90.50 million during the quarter, compared to analyst estimates of $91.54 million. MGP Ingredients had a net margin of 10.00% and a return on equity of 18.75%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. As a group, analysts anticipate that MGP Ingredients Inc will post 2.65 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Wednesday, August 14th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.83%. MGP Ingredients’s payout ratio is presently 18.43%.
About MGP Ingredients
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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