Prime Capital Investment Advisors LLC Invests $201,000 in MGP Ingredients, Inc. (NASDAQ:MGPI)

Prime Capital Investment Advisors LLC purchased a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 2,416 shares of the company’s stock, valued at approximately $201,000.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of MGP Ingredients by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after acquiring an additional 8,770 shares during the last quarter. Dimensional Fund Advisors LP raised its position in MGP Ingredients by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock valued at $58,801,000 after purchasing an additional 68,278 shares during the period. Ariel Investments LLC raised its position in MGP Ingredients by 92.7% in the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after purchasing an additional 248,076 shares during the period. Congress Asset Management Co. raised its position in MGP Ingredients by 18.6% in the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after purchasing an additional 76,835 shares during the period. Finally, Massachusetts Financial Services Co. MA purchased a new stake in MGP Ingredients in the second quarter valued at $22,028,000. 77.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 12,092 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now directly owns 54,542 shares of the company’s stock, valued at $4,944,232.30. The trade was a 18.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MGPI shares. Loop Capital set a $75.00 target price on MGP Ingredients in a research report on Friday, October 18th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Roth Mkm cut their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Price Performance

MGPI stock opened at $49.65 on Monday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $1.09 billion, a PE ratio of 10.32, a P/E/G ratio of 0.81 and a beta of 0.66. MGP Ingredients, Inc. has a 12-month low of $45.44 and a 12-month high of $102.42. The business’s fifty day moving average price is $69.75 and its 200 day moving average price is $76.30.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same period in the previous year, the firm posted $1.34 EPS. MGP Ingredients’s revenue for the quarter was down 23.7% on a year-over-year basis. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 0.97%. MGP Ingredients’s payout ratio is 9.98%.

MGP Ingredients Company 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.