MGP Ingredients, Inc. (NASDAQ:MGPI) Stake Reduced by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. cut its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 69.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 438 shares of the company’s stock after selling 1,003 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in MGP Ingredients were worth $33,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Covestor Ltd raised its position in MGP Ingredients by 23.3% in the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after acquiring an additional 150 shares in the last quarter. Texas Permanent School Fund Corp raised its position in MGP Ingredients by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock worth $1,178,000 after acquiring an additional 177 shares in the last quarter. Louisiana State Employees Retirement System raised 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 worth $588,000 after buying an additional 200 shares during the period. ProShare Advisors LLC raised its holdings in MGP Ingredients by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after buying an additional 220 shares during the period. Finally, CWM LLC raised its holdings in 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 period. 77.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on MGPI shares. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Roth Mkm restated a “buy” rating and set a $92.00 price objective on shares of MGP Ingredients in a report on Thursday, July 25th.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 12,092 shares of MGP Ingredients stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the transaction, the director now owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 36.20% of the company’s stock.

MGP Ingredients Price Performance

NASDAQ MGPI opened at $83.17 on Wednesday. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. MGP Ingredients, Inc. has a 1 year low of $68.86 and a 1 year high of $105.71. The stock’s 50-day moving average price is $85.03 and its two-hundred day moving average price is $80.58. The company has a market cap of $1.83 billion, a PE ratio of 19.21, a PEG ratio of 1.21 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter in the previous year, the business posted $1.49 EPS. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. On average, analysts predict that MGP Ingredients, Inc. will post 6.25 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.58%. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

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.