Isthmus Partners LLC Sells 3,732 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Isthmus Partners LLC lowered its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 9.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,695 shares of the company’s stock after selling 3,732 shares during the period. Isthmus Partners LLC’s holdings in MGP Ingredients were worth $3,138,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in MGP Ingredients by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after acquiring an additional 8,770 shares in the last quarter. FMR LLC boosted its stake in MGP Ingredients by 14.2% during the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after acquiring an additional 137,292 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in MGP Ingredients by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after acquiring an additional 68,278 shares in the last quarter. Ariel Investments LLC boosted its stake in MGP Ingredients by 92.7% during the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after acquiring an additional 248,076 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock worth $41,261,000 after buying an additional 199,550 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGPI has been the subject of several recent analyst reports. Truist Financial decreased their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.67.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The trade was a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 36.20% of the company’s stock.

MGP Ingredients Stock Up 3.5 %

MGPI opened at $45.99 on Friday. The firm has a 50 day moving average price of $63.83 and a 200-day moving average price of $74.36. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 9.56, a PEG ratio of 0.75 and a beta of 0.66. MGP Ingredients, Inc. has a twelve month low of $43.48 and a twelve month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.34 earnings per share. Equities research analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.12 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.04%. MGP Ingredients’s payout ratio is currently 9.98%.

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.