MetLife Investment Management LLC Decreases Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

MetLife Investment Management LLC lowered its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 4.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 8,272 shares of the company’s stock after selling 395 shares during the period. MetLife Investment Management LLC’s holdings in MGP Ingredients were worth $689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in MGPI. CWM LLC grew its position in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after buying an additional 325 shares in the last quarter. Isthmus Partners LLC grew its stake in MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC bought a new position in shares of MGP Ingredients in the 2nd quarter worth $42,000. Farther Finance Advisors LLC increased its holdings in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its position in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGPI has been the subject of several research reports. Lake Street Capital lowered 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. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Roth Mkm decreased 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. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. 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 analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

MGP Ingredients Trading Down 3.9 %

NASDAQ MGPI opened at $44.48 on Friday. The stock has a 50-day moving average of $58.64 and a 200-day moving average of $72.65. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 1-year low of $43.48 and a 1-year high of $102.42. The firm has a market cap of $976.34 million, a PE ratio of 9.25, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating 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 the consensus estimate of $161.55 million. During the same quarter in the previous year, the company posted $1.34 earnings per share. The business’s revenue was down 23.7% on a year-over-year basis. As a group, sell-side analysts forecast that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insider Buying and Selling at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the sale, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 36.20% of the company’s stock.

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.