Massachusetts Financial Services Co. MA Has $41.26 Million Stock Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Massachusetts Financial Services Co. MA raised its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 67.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 495,622 shares of the company’s stock after acquiring an additional 199,550 shares during the period. Massachusetts Financial Services Co. MA’s holdings in MGP Ingredients were worth $41,261,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in 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 purchasing an additional 8,770 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of MGP Ingredients by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after acquiring an additional 68,278 shares during the period. Ariel Investments LLC boosted its position in shares of MGP Ingredients by 92.7% during the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after acquiring an additional 248,076 shares in the last quarter. Congress Asset Management Co. increased its stake 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 acquiring an additional 76,835 shares during the period. Finally, ZWJ Investment Counsel Inc. raised its position in MGP Ingredients by 2.5% in the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after purchasing an additional 7,042 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The trade was a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 36.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Roth Mkm lowered their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial lowered their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $45.50 on Monday. The business’s fifty day moving average is $66.17 and its two-hundred day moving average is $75.10. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market cap of $998.73 million, a P/E ratio of 9.46, a P/E/G ratio of 0.76 and a beta of 0.66. MGP Ingredients, Inc. has a 52 week low of $44.96 and a 52 week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. Equities research analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients’s dividend payout ratio is currently 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.