State Street Corp Increases Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

State Street Corp increased its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 22.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 717,675 shares of the company's stock after purchasing an additional 131,542 shares during the period. State Street Corp owned 3.27% of MGP Ingredients worth $59,746,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of MGPI. CWM LLC boosted its position 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 acquiring an additional 325 shares in the last quarter. Isthmus Partners LLC increased its stake in MGP Ingredients by 2.1% in the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company's stock valued at $31,000 after purchasing an additional 860 shares during the last quarter. Innealta Capital LLC acquired a new stake in MGP Ingredients during the second quarter worth approximately $42,000. Farther Finance Advisors LLC lifted its position 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 holdings in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock valued at $63,000 after buying an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company's stock.

Insiders Place Their Bets

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the firm'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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 36.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

MGP Ingredients Stock Performance

NASDAQ MGPI traded down $0.80 during trading hours on Thursday, hitting $41.80. 295,510 shares of the stock were exchanged, compared to its average volume of 259,573. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a market cap of $917.64 million, a price-to-earnings ratio of 8.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. MGP Ingredients, Inc. has a 12-month low of $41.78 and a 12-month high of $102.42. The stock has a 50-day moving average of $52.86 and a 200 day moving average of $70.92.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period in the prior year, the business posted $1.34 EPS. The company's revenue for the quarter was down 23.7% on a year-over-year basis. As a group, equities research analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.15%. 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.