NFJ Investment Group LLC Purchases Shares of 38,206 MGP Ingredients, Inc. (NASDAQ:MGPI)

NFJ Investment Group LLC bought a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 38,206 shares of the company's stock, valued at approximately $3,181,000. NFJ Investment Group LLC owned approximately 0.17% of MGP Ingredients at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in MGPI. CWM LLC boosted its stake in shares of MGP Ingredients by 477.9% during the 2nd quarter. CWM LLC now owns 393 shares of the company's stock worth $29,000 after buying an additional 325 shares during the last quarter. Isthmus Partners LLC boosted its stake in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company's stock worth $31,000 after buying an additional 860 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth about $42,000. Farther Finance Advisors LLC boosted 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 buying an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake 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 buying an additional 322 shares during the last quarter. Institutional investors own 77.11% of the company's stock.

MGP Ingredients Stock Performance

Shares of MGPI traded up $0.17 during mid-day trading on Wednesday, hitting $45.50. 134,099 shares of the company's stock were exchanged, compared to its average volume of 255,079. MGP Ingredients, Inc. has a 52 week low of $43.48 and a 52 week high of $102.42. The stock's 50-day simple moving average is $60.82 and its 200-day simple moving average is $73.32. The firm has a market cap of $998.86 million, a price-to-earnings ratio of 9.47, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63. 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 earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million for 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 company's quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the business posted $1.34 earnings per share. On average, equities research analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Truist Financial reduced their price objective 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. TD Cowen downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and cut their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. StockNews.com upgraded shares of MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Finally, Roth Mkm cut their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a "buy" rating for the company in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $76.67.

Insider Transactions at MGP Ingredients

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