Massachusetts Financial Services Co. MA Purchases 199,550 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Massachusetts Financial Services Co. MA boosted its position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 67.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 495,622 shares of the company's stock after acquiring an additional 199,550 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.26% of MGP Ingredients worth $41,261,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Natixis Advisors LLC boosted its position in MGP Ingredients by 107.9% in the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company's stock valued at $1,911,000 after buying an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. lifted its holdings in shares of MGP Ingredients by 2.5% during the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company's stock worth $24,440,000 after purchasing an additional 7,042 shares during the period. GSA Capital Partners LLP acquired a new position in shares of MGP Ingredients during the third quarter worth $1,010,000. Envestnet Asset Management Inc. lifted its holdings in shares of MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company's stock worth $8,457,000 after purchasing an additional 19,203 shares during the period. Finally, Earnest Partners LLC lifted its holdings in shares of MGP Ingredients by 16.0% during the second quarter. Earnest Partners LLC now owns 109,226 shares of the company's stock worth $8,126,000 after purchasing an additional 15,090 shares during the period. 77.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

MGP Ingredients Stock Up 3.4 %

Shares of NASDAQ:MGPI traded up $1.54 during midday trading on Monday, hitting $47.04. 574,827 shares of the company's stock were exchanged, compared to its average volume of 251,062. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock has a 50 day moving average price of $66.17 and a 200-day moving average price of $75.10. The company has a market cap of $1.03 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.74 and a beta of 0.66. MGP Ingredients, Inc. has a 12 month low of $44.96 and a 12 month high of $102.42.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $1.29 EPS 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 company had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period in the previous year, the firm posted $1.34 earnings per share. The firm's revenue for the quarter was down 23.7% on a year-over-year basis. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.02%. The ex-dividend date is Friday, November 15th. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business'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 transaction, the director now directly owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lori L.S. Mingus sold 7,050 shares of the business's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 36.20% of the stock is owned by corporate insiders.

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.