MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Bought by Congress Asset Management Co.

Congress Asset Management Co. grew its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 18.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 490,546 shares of the company’s stock after purchasing an additional 76,835 shares during the period. Congress Asset Management Co.’s holdings in MGP Ingredients were worth $40,838,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Covestor Ltd increased its position in shares of MGP Ingredients by 23.3% during the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after acquiring an additional 150 shares during the period. Texas Permanent School Fund Corp increased its holdings in MGP Ingredients by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock valued at $1,178,000 after buying an additional 177 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in MGP Ingredients by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after buying an additional 200 shares during the last quarter. ProShare Advisors LLC increased its holdings in MGP Ingredients by 7.4% in the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after buying an additional 220 shares during the last quarter. Finally, CWM LLC increased its holdings in MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 325 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 36.20% of the stock is owned by insiders.

MGP Ingredients Price Performance

Shares of MGPI opened at $48.04 on Friday. MGP Ingredients, Inc. has a fifty-two week low of $47.91 and a fifty-two week high of $102.42. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.59. The firm has a 50-day simple moving average of $79.47 and a 200-day simple moving average of $78.85. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. The firm had revenue of $190.80 million during the quarter, compared to the consensus estimate of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.49 earnings per share. On average, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.58 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.48 dividend on an annualized basis and a yield of 1.00%. MGP Ingredients’s payout ratio is currently 11.11%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MGPI. Truist Financial dropped their price objective on MGP Ingredients from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Roth Mkm dropped their price objective on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a report on Friday, October 18th. StockNews.com lowered MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Finally, Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $88.60.

MGP Ingredients Company 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.