Algert Global LLC Has $1.72 Million Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Algert Global LLC decreased its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 42.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,088 shares of the company’s stock after selling 16,792 shares during the period. Algert Global LLC owned about 0.10% of MGP Ingredients worth $1,718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Covestor Ltd increased its stake in shares of MGP Ingredients by 23.3% in the first quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after purchasing an additional 150 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of MGP Ingredients by 1.3% during 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 boosted its holdings in shares of MGP Ingredients by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock worth $588,000 after acquiring an additional 200 shares during the period. ProShare Advisors LLC grew its position in shares of MGP Ingredients by 7.4% in the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after purchasing an additional 220 shares in the last quarter. Finally, CWM LLC grew 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 in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGPI has been the subject of several analyst reports. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Roth Mkm reissued a “buy” rating and issued a $92.00 price target on shares of MGP Ingredients in a report on Thursday, July 25th.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 36.20% of the company’s stock.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI opened at $80.43 on Friday. The firm has a market capitalization of $1.77 billion, a P/E ratio of 18.58, a P/E/G ratio of 1.21 and a beta of 0.59. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The stock’s 50-day simple moving average is $85.15 and its two-hundred day simple moving average is $80.60. MGP Ingredients, Inc. has a twelve month low of $68.86 and a twelve month high of $104.73.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.71 EPS 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 firm had revenue of $190.80 million for the quarter, compared to analyst estimates of $189.06 million. During the same period in the prior year, the company earned $1.49 EPS. The company’s revenue was down 8.7% on a year-over-year basis. As a group, equities analysts anticipate that MGP Ingredients, Inc. will post 6.25 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s dividend payout ratio is 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.