73,276 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Bought by World Investment Advisors LLC

World Investment Advisors LLC bought a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 73,276 shares of the company's stock, valued at approximately $6,100,000. World Investment Advisors LLC owned 0.33% of MGP Ingredients at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MGPI. Farther Finance Advisors LLC grew its position in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock valued at $50,000 after acquiring an additional 186 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in MGP Ingredients by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company's stock valued at $588,000 after purchasing an additional 200 shares in the last quarter. First Horizon Advisors Inc. increased its stake in 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 period. CWM LLC lifted its holdings in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company's stock worth $29,000 after buying an additional 325 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its position in MGP Ingredients by 19.4% in the 3rd quarter. Park Avenue Securities LLC now owns 3,378 shares of the company's stock valued at $281,000 after buying an additional 549 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MGPI shares. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. Roth Mkm cut their target price 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. Truist Financial decreased their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a report on Friday, November 1st. TD Cowen downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and cut their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Finally, StockNews.com upgraded shares of MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday, November 1st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $76.67.

MGP Ingredients Trading Down 3.5 %

Shares of NASDAQ MGPI traded down $1.63 during mid-day trading on Friday, hitting $45.00. 82,012 shares of the company traded hands, compared to its average volume of 258,083. 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, Inc. has a 1 year low of $43.48 and a 1 year high of $102.42. The stock has a market capitalization of $987.75 million, a price-to-earnings ratio of 9.69, a PEG ratio of 0.74 and a beta of 0.63. The business has a 50 day moving average of $55.72 and a two-hundred day moving average of $71.84.

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, beating analysts' consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million during 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 business's quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.07%. MGP Ingredients's dividend payout ratio (DPR) is presently 9.98%.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

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.