JPMorgan Chase & Co. Purchases 43,233 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

JPMorgan Chase & Co. increased its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 201.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,723 shares of the company's stock after acquiring an additional 43,233 shares during the period. JPMorgan Chase & Co. owned about 0.29% of MGP Ingredients worth $5,388,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of MGPI. Farther Finance Advisors LLC raised its stake in shares of MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after purchasing an additional 186 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock worth $63,000 after buying an additional 322 shares during the last quarter. Park Avenue Securities LLC raised its position in MGP Ingredients by 19.4% during the third quarter. Park Avenue Securities LLC now owns 3,378 shares of the company's stock worth $281,000 after acquiring an additional 549 shares in the last quarter. Diversified Trust Co lifted its stake in MGP Ingredients by 4.7% in the third quarter. Diversified Trust Co now owns 15,125 shares of the company's stock valued at $1,259,000 after acquiring an additional 675 shares during the last quarter. Finally, Assetmark Inc. grew its position in shares of MGP Ingredients by 6.5% in the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company's stock valued at $948,000 after acquiring an additional 699 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MGPI. Roth Mkm dropped their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, December 23rd. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, November 1st. TD Cowen lowered 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 MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday, November 1st. Finally, Wells Fargo & Company decreased their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $71.29.

MGP Ingredients Stock Performance

Shares of MGPI traded up $0.14 during midday trading on Friday, reaching $36.05. 186,175 shares of the stock were exchanged, compared to its average volume of 380,934. The stock's 50 day simple moving average is $42.87 and its 200 day simple moving average is $65.47. The company has a market cap of $791.30 million, a P/E ratio of 7.49 and a beta of 0.65. MGP Ingredients, Inc. has a twelve month low of $34.02 and a twelve month high of $92.90. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million during the quarter, compared to analysts' expectations of $161.55 million. During the same quarter in the previous year, the company earned $1.34 EPS. The business's revenue was down 23.7% on a year-over-year basis. On average, sell-side analysts expect that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Friday, November 15th. MGP Ingredients's dividend payout ratio is currently 9.98%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now directly owns 37,373 shares of the company's stock, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 36.20% of the company's stock.

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.