Confluence Investment Management LLC Invests $3.03 Million in MGP Ingredients, Inc. (NASDAQ:MGPI)

Confluence Investment Management LLC acquired a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 35,128 shares of the company's stock, valued at approximately $3,026,000. Confluence Investment Management LLC owned about 0.16% of MGP Ingredients as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Scout Investments Inc. purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at about $6,477,000. Congress Asset Management Co. MA boosted its holdings in shares of MGP Ingredients by 14.7% during the 4th quarter. Congress Asset Management Co. MA now owns 318,053 shares of the company's stock valued at $31,335,000 after acquiring an additional 40,824 shares during the last quarter. Kingdon Capital Management L.L.C. purchased a new stake in shares of MGP Ingredients during the 3rd quarter valued at about $4,304,000. Southernsun Asset Management LLC boosted its holdings in shares of MGP Ingredients by 8.9% during the 4th quarter. Southernsun Asset Management LLC now owns 470,661 shares of the company's stock valued at $46,370,000 after acquiring an additional 38,404 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of MGP Ingredients by 91.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 69,500 shares of the company's stock valued at $7,331,000 after acquiring an additional 33,281 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Donn S. Lux sold 10,000 shares of MGP Ingredients stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $83.00, for a total transaction of $830,000.00. Following the transaction, the director now owns 2,695,264 shares of the company's stock, valued at $223,706,912. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Lori L.S. Mingus sold 2,430 shares of the business's stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total value of $191,678.40. Following the transaction, the director now owns 47,287 shares of the company's stock, valued at $3,729,998.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donn S. Lux sold 10,000 shares of the business's stock in a transaction on Friday, May 10th. The stock was sold at an average price of $83.00, for a total transaction of $830,000.00. Following the completion of the transaction, the director now directly owns 2,695,264 shares in the company, valued at approximately $223,706,912. The disclosure for this sale can be found here. Insiders have sold 34,430 shares of company stock valued at $2,836,678 over the last 90 days. 36.20% of the stock is currently owned by corporate insiders.

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI traded down $1.49 during trading on Tuesday, hitting $73.30. The company's stock had a trading volume of 272,861 shares, compared to its average volume of 201,795. The company has a 50-day moving average of $78.02 and a 200-day moving average of $84.82. MGP Ingredients, Inc. has a 12 month low of $70.82 and a 12 month high of $124.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.32 and a quick ratio of 1.97. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.09 and a beta of 0.62.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its earnings results on Thursday, May 2nd. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.07. MGP Ingredients had a net margin of 11.91% and a return on equity of 14.78%. The company had revenue of $170.56 million for the quarter, compared to analysts' expectations of $170.31 million. During the same quarter last year, the business earned $1.39 EPS. The firm's revenue was down 15.1% compared to the same quarter last year. On average, sell-side analysts expect that MGP Ingredients, Inc. will post 6.19 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.65%. The ex-dividend date was Thursday, May 16th. MGP Ingredients's dividend payout ratio is currently 11.09%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wedbush reaffirmed an "outperform" rating and set a $120.00 price target on shares of MGP Ingredients in a report on Monday, April 29th. StockNews.com cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Friday, April 26th. Finally, Roth Mkm lowered their price objective on shares of MGP Ingredients from $95.00 to $92.00 and set a "buy" rating on the stock in a research note on Friday, May 3rd.

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.