Municipal Employees Retirement System of Michigan Has $715,000 Position in MGP Ingredients, Inc. (MGPI)
Municipal Employees Retirement System of Michigan held its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the first quarter, Holdings Channel reports. The fund owned 13,190 shares of the company’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in MGP Ingredients were worth $715,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in MGPI. Stifel Financial Corp raised its stake in shares of MGP Ingredients by 4.5% in the first quarter. Stifel Financial Corp now owns 7,084 shares of the company’s stock worth $383,000 after buying an additional 307 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of MGP Ingredients during the first quarter worth $548,000. Envestnet Asset Management Inc. raised its stake in shares of MGP Ingredients by 24.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock worth $173,000 after buying an additional 621 shares during the last quarter. Millrace Asset Group Inc. raised its stake in shares of MGP Ingredients by 12.3% in the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock worth $1,839,000 after buying an additional 3,711 shares during the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of MGP Ingredients during the first quarter worth $656,000. 97.55% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) traded down 0.70% during midday trading on Tuesday, hitting $50.90. 8,070 shares of the stock were exchanged. The firm has a 50 day moving average of $52.27 and a 200-day moving average of $49.64. The stock has a market cap of $850.49 million, a P/E ratio of 26.65 and a beta of 0.92. MGP Ingredients, Inc. has a 12 month low of $31.93 and a 12 month high of $58.00.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, May 4th. The company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.04. The company had revenue of $87.20 million for the quarter, compared to the consensus estimate of $78.36 million. MGP Ingredients had a net margin of 9.52% and a return on equity of 22.54%. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. Equities research analysts anticipate that MGP Ingredients, Inc. will post $1.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Monday, May 15th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend was Thursday, May 11th. MGP Ingredients’s dividend payout ratio (DPR) is 8.42%.
A number of equities research analysts have recently weighed in on the stock. Sidoti lowered shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Friday, May 5th. Craig Hallum set a $70.00 target price on shares of MGP Ingredients and gave the company a “buy” rating in a research note on Saturday, May 6th. Finally, Zacks Investment Research raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Wednesday, May 10th.
In other MGP Ingredients news, Director Karen Seaberg sold 5,235 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $56.73, for a total transaction of $296,981.55. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $567,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 16,931 shares of company stock worth $927,152 in the last three months. Insiders own 29.50% of the company’s stock.
MGP Ingredients Company Profile
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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