SG Americas Securities LLC Cuts Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

SG Americas Securities LLC decreased its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,071 shares of the company’s stock after selling 1,303 shares during the quarter. SG Americas Securities LLC’s holdings in MGP Ingredients were worth $355,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MGPI. GAMMA Investing LLC increased its stake in MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company’s stock worth $44,000 after buying an additional 800 shares during the period. Quarry LP purchased a new position in MGP Ingredients in the 4th quarter valued at approximately $75,000. PNC Financial Services Group Inc. boosted its position in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after buying an additional 687 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of MGP Ingredients by 58.3% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after acquiring an additional 735 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of MGP Ingredients by 1,167.8% in the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock worth $149,000 after acquiring an additional 3,480 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGPI has been the topic of several analyst reports. Wall Street Zen cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Saturday, May 10th. Wells Fargo & Company cut their price target on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Truist Financial reduced their price target on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Finally, Lake Street Capital upgraded MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, MGP Ingredients presently has an average rating of “Moderate Buy” and a consensus target price of $50.33.

MGP Ingredients Price Performance

Shares of MGPI opened at $29.88 on Thursday. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $30.25 and its 200-day simple moving average is $32.90. The firm has a market capitalization of $635.55 million, a price-to-earnings ratio of 66.40 and a beta of 0.32. MGP Ingredients, Inc. has a twelve month low of $25.12 and a twelve month high of $92.52.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $121.65 million for the quarter, compared to analysts’ expectations of $119.14 million. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. MGP Ingredients’s quarterly revenue was down 28.7% on a year-over-year basis. During the same period last year, the firm earned $1.07 earnings per share. Equities analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.61%. The ex-dividend date was Friday, May 16th. MGP Ingredients’s payout ratio is 106.67%.

Insider Buying and Selling

In related news, Director Martin Roper purchased 15,000 shares of the company’s stock in a transaction on Thursday, May 8th. The shares were bought at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the purchase, the director now directly owns 18,180 shares of the company’s stock, valued at approximately $601,758. This trade represents a 471.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 34.40% of the stock is owned by company insiders.

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.