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

Principal Financial Group Inc. lowered its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 14.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MGPI. Isthmus Partners LLC grew its position in MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares during the period. Farther Finance Advisors LLC grew its holdings in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the period. First Horizon Advisors Inc. raised its position in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares in the last quarter. nVerses Capital LLC purchased a new stake in MGP Ingredients in the 2nd quarter worth approximately $82,000. Finally, Point72 DIFC Ltd grew its stake in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after purchasing an additional 974 shares during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Insider Buying and Selling at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. This 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 at this link. 36.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MGPI shares. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Roth Mkm dropped their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Truist Financial reduced their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the company from $66.00 to $50.00 in a report on Wednesday, November 6th. Finally, Loop Capital set a $75.00 target price on MGP Ingredients in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.83.

MGP Ingredients Price Performance

Shares of MGP Ingredients stock opened at $39.37 on Thursday. The stock has a market capitalization of $864.29 million, a P/E ratio of 8.19, a PEG ratio of 0.74 and a beta of 0.63. The business has a 50 day simple moving average of $46.50 and a two-hundred day simple moving average of $68.51. MGP Ingredients, Inc. has a 12 month low of $38.24 and a 12 month high of $101.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS 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 period in the prior year, the company earned $1.34 EPS. The firm’s revenue was down 23.7% compared to the same quarter last year. As a group, analysts predict that MGP Ingredients, Inc. will post 5.57 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.22%. MGP Ingredients’s dividend payout ratio is presently 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.