Victory Capital Management Inc. Increases Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Victory Capital Management Inc. raised its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 1.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 220,308 shares of the company’s stock after purchasing an additional 2,905 shares during the quarter. Victory Capital Management Inc. owned approximately 1.00% of MGP Ingredients worth $21,705,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC purchased a new stake in shares of MGP Ingredients during the 3rd quarter valued at approximately $7,202,000. Congress Asset Management Co. MA boosted its holdings in shares of MGP Ingredients by 19.5% in the third quarter. Congress Asset Management Co. MA now owns 277,229 shares of the company’s stock worth $29,242,000 after acquiring an additional 45,162 shares during the period. Kingdon Capital Management L.L.C. purchased a new position in shares of MGP Ingredients in the third quarter valued at $4,304,000. Envestnet Asset Management Inc. raised its stake in shares of MGP Ingredients by 91.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 69,500 shares of the company’s stock valued at $7,331,000 after purchasing an additional 33,281 shares during the period. Finally, Tudor Investment Corp Et Al purchased a new stake in MGP Ingredients during the 3rd quarter worth about $2,985,000. Institutional investors own 77.11% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MGPI. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, April 26th. Wedbush reaffirmed an “outperform” rating and set a $120.00 price objective on shares of MGP Ingredients in a research note on Monday, April 29th. Finally, Roth Mkm lowered their target price on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd.

Insider Buying and Selling

In other news, VP Erika Lapish purchased 500 shares of the stock in a transaction on Monday, February 26th. The shares were acquired at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the transaction, the vice president now directly owns 550 shares of the company’s stock, valued at approximately $42,823. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 36.20% of the stock is owned by company insiders.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $82.22 on Thursday. The stock has a market cap of $1.81 billion, a P/E ratio of 18.99, a PEG ratio of 1.19 and a beta of 0.75. The company has a quick ratio of 1.97, a current ratio of 6.32 and a debt-to-equity ratio of 0.34. The business’s 50-day moving average price is $81.92 and its two-hundred day moving average price is $88.30. MGP Ingredients, Inc. has a twelve month low of $75.78 and a twelve month high of $124.96.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.07. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. The company had revenue of $170.56 million for the quarter, compared to analysts’ expectations of $170.31 million. During the same period in the prior year, the business earned $1.39 earnings per share. MGP Ingredients’s revenue for the quarter was down 15.1% compared to the same quarter last year. As a group, equities analysts predict that MGP Ingredients, Inc. will post 6.18 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Thursday, May 16th. MGP Ingredients’s dividend payout ratio is currently 11.09%.

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.