BNP Paribas Financial Markets Raises Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

BNP Paribas Financial Markets lifted its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 265.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,318 shares of the company's stock after buying an additional 59,805 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.37% of MGP Ingredients worth $6,853,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. CWM LLC raised its position in shares of 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. Innealta Capital LLC acquired a new stake in MGP Ingredients in the 2nd quarter valued at about $42,000. Farther Finance Advisors LLC lifted its stake in MGP Ingredients by 45.3% in 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. boosted its holdings in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock worth $63,000 after purchasing an additional 322 shares during the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of MGP Ingredients in the second quarter valued at approximately $82,000. Hedge funds and other institutional investors own 77.11% of the company's stock.

MGP Ingredients Trading Down 0.7 %

Shares of MGPI traded down $0.31 during midday trading on Tuesday, hitting $45.46. 132,719 shares of the stock were exchanged, compared to its average volume of 255,184. MGP Ingredients, Inc. has a 52-week low of $43.48 and a 52-week high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock has a fifty day simple moving average of $61.55 and a 200 day simple moving average of $73.56. The firm has a market cap of $997.85 million, a P/E ratio of 9.52, a P/E/G ratio of 0.76 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share 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 the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. MGP Ingredients's revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. On average, research analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.06%. MGP Ingredients's dividend payout ratio is presently 9.98%.

Insiders Place Their Bets

In related news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients 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 owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Seaberg sold 1,109 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,610 shares of company stock worth $445,155 over the last 90 days. Corporate insiders own 36.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MGPI. Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. StockNews.com raised shares of MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a "buy" rating to a "hold" rating and cut their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. TD Cowen cut shares of MGP Ingredients from a "buy" rating to a "hold" rating and dropped their price target for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, Roth Mkm decreased their price objective on MGP Ingredients from $69.00 to $65.00 and set a "buy" rating on the stock in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients presently has a consensus rating of "Moderate Buy" and an average price target of $76.67.

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.