MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Bought by Congress Wealth Management LLC DE

Congress Wealth Management LLC DE lifted its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 41.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,263 shares of the company’s stock after acquiring an additional 14,843 shares during the period. Congress Wealth Management LLC DE owned about 0.23% of MGP Ingredients worth $4,329,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its stake in MGP Ingredients by 91.9% in the third quarter. Envestnet Asset Management Inc. now owns 69,500 shares of the company’s stock valued at $7,331,000 after acquiring an additional 33,281 shares during the period. Natixis Advisors L.P. boosted its position in MGP Ingredients by 62.1% during the 3rd quarter. Natixis Advisors L.P. now owns 17,999 shares of the company’s stock valued at $1,899,000 after purchasing an additional 6,897 shares during the period. Insigneo Advisory Services LLC bought a new position in MGP Ingredients during the 3rd quarter worth $261,000. Alberta Investment Management Corp increased its position in MGP Ingredients by 10.3% in the third quarter. Alberta Investment Management Corp now owns 18,092 shares of the company’s stock worth $1,908,000 after buying an additional 1,691 shares during the period. Finally, Earnest Partners LLC increased its position in MGP Ingredients by 13.0% in the third quarter. Earnest Partners LLC now owns 95,523 shares of the company’s stock worth $10,076,000 after buying an additional 10,966 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Roth Mkm lowered their price target on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Wedbush restated an “outperform” rating and issued a $120.00 target price on shares of MGP Ingredients in a research report on Monday, April 29th. Finally, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, April 26th.

MGP Ingredients Stock Performance

Shares of MGPI traded down $1.43 during trading hours on Monday, reaching $72.97. 118,692 shares of the company’s stock traded hands, compared to its average volume of 202,551. MGP Ingredients, Inc. has a twelve month low of $70.82 and a twelve month high of $124.96. The business’s fifty day simple moving average is $77.04 and its two-hundred day simple moving average is $83.70. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.32 and a quick ratio of 1.97. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 16.85, a P/E/G ratio of 1.09 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, May 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. The firm had revenue of $170.56 million for the quarter, compared to analysts’ expectations of $170.31 million. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. MGP Ingredients’s quarterly revenue was down 15.1% on a year-over-year basis. During the same quarter last year, the company earned $1.39 EPS. Analysts predict that MGP Ingredients, Inc. will post 6.19 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, May 16th. MGP Ingredients’s payout ratio is currently 11.09%.

Insider Activity

In other news, Director Donn S. Lux sold 10,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the sale, the director now owns 2,695,264 shares in the company, valued at $223,706,912. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other MGP Ingredients news, Director Donn S. Lux sold 22,000 shares of MGP Ingredients stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $82.50, for a total value of $1,815,000.00. Following the transaction, the director now owns 2,673,264 shares in the company, valued at $220,544,280. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Donn S. Lux sold 10,000 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the transaction, the director now directly owns 2,695,264 shares in the company, valued at approximately $223,706,912. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,430 shares of company stock worth $2,836,678. 36.20% 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.