MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 14.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,661 shares of the company’s stock after selling 10,824 shares during the quarter. Principal Financial Group Inc.’s holdings in MGP Ingredients were worth $5,550,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC raised its stake 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 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 period. Innealta Capital LLC acquired a new position in MGP Ingredients in the second quarter valued at $42,000. LRI Investments LLC acquired a new position in MGP Ingredients in the first quarter valued at $43,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of 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. 77.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. This represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 36.20% of the company’s stock.

MGP Ingredients Stock Performance

Shares of MGPI opened at $46.62 on Thursday. 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 stock has a market cap of $1.02 billion, a P/E ratio of 9.69, a PEG ratio of 0.81 and a beta of 0.66. The company has a 50-day moving average of $67.70 and a two-hundred day moving average of $75.62. MGP Ingredients, Inc. has a 12-month low of $45.44 and a 12-month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The business 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 company’s revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.34 earnings per share. As a group, research analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Wall Street Analysts Forecast Growth

MGPI has been the topic of several analyst reports. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a report on Friday, October 18th. Truist Financial cut their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $76.67.

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.