MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Acquired by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC increased its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 687.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,400 shares of the company’s stock after acquiring an additional 5,587 shares during the period. Tower Research Capital LLC TRC’s holdings in MGP Ingredients were worth $252,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares during the period. Versant Capital Management Inc increased its stake in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after buying an additional 460 shares during the period. PNC Financial Services Group Inc. lifted its holdings in MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after buying an additional 687 shares in the last quarter. AlphaQuest LLC boosted its position in MGP Ingredients by 1,167.8% in the 4th quarter. AlphaQuest LLC now owns 3,778 shares of the company’s stock valued at $149,000 after buying an additional 3,480 shares during the period. Finally, Aigen Investment Management LP acquired a new position in shares of MGP Ingredients in the fourth quarter worth $254,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Truist Financial reduced their price objective on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company decreased their price objective on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients has an average rating of “Moderate Buy” and a consensus price target of $50.33.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI opened at $31.89 on Friday. The stock’s 50-day simple moving average is $29.75 and its 200-day simple moving average is $38.13. The firm has a market capitalization of $678.30 million, a PE ratio of 6.63 and a beta of 0.32. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $121.65 million for the quarter, compared to analysts’ expectations of $119.14 million. During the same quarter last year, the company earned $1.07 earnings per share. The firm’s revenue for the quarter was down 28.7% on a year-over-year basis. As a group, equities research analysts forecast that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, May 16th. MGP Ingredients’s dividend payout ratio (DPR) is currently 106.67%.

Insider Activity

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 29,417 shares of company stock valued at $905,556. Insiders own 36.20% of the company’s stock.

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.