Point72 Asset Management L.P. Buys Shares of 44,207 MGP Ingredients, Inc. (NASDAQ:MGPI)

Point72 Asset Management L.P. purchased a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 44,207 shares of the company's stock, valued at approximately $3,680,000. Point72 Asset Management L.P. owned about 0.20% of MGP Ingredients at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC increased its holdings 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 acquiring an additional 186 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in MGP Ingredients by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company's stock worth $588,000 after purchasing an additional 200 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock valued at $63,000 after purchasing an additional 322 shares during the last quarter. 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 purchasing an additional 325 shares during the period. Finally, Park Avenue Securities LLC raised its position in shares of MGP Ingredients by 19.4% in the third quarter. Park Avenue Securities LLC now owns 3,378 shares of the company's stock valued at $281,000 after purchasing an additional 549 shares during the period. Institutional investors own 77.11% of the company's stock.

Analysts Set New Price Targets

MGPI has been the subject of several research analyst reports. Roth Mkm reduced their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a "buy" rating for the company in a report on Monday, November 4th. TD Cowen cut MGP Ingredients from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a report on Friday, November 1st. Finally, StockNews.com raised MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, MGP Ingredients has an average rating of "Moderate Buy" and an average target price of $76.67.

Insider Buying and Selling

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 transaction, the director now directly owns 37,373 shares of the company's stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 36.20% of the stock is currently owned by company insiders.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI traded up $2.01 during midday trading on Monday, reaching $46.49. The company's stock had a trading volume of 293,349 shares, compared to its average volume of 256,639. 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 company has a market cap of $1.02 billion, a P/E ratio of 9.74, a P/E/G ratio of 0.73 and a beta of 0.63. The business's 50 day moving average price is $58.64 and its two-hundred day moving average price is $72.61. MGP Ingredients, Inc. has a fifty-two week low of $43.48 and a fifty-two week high of $102.42.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping 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 return on equity of 14.39% and a net margin of 14.44%. The company's revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the company earned $1.34 EPS. On average, analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

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.