TIAA CREF Investment Management LLC reduced its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 11.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,809 shares of the company’s stock after selling 4,564 shares during the period. TIAA CREF Investment Management LLC’s holdings in MGP Ingredients were worth $1,833,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MGPI. Neuberger Berman Group LLC boosted its position in shares of MGP Ingredients by 106.4% in the first quarter. Neuberger Berman Group LLC now owns 1,109,583 shares of the company’s stock valued at $60,173,000 after buying an additional 571,983 shares during the period. Conestoga Capital Advisors LLC boosted its position in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock valued at $37,358,000 after buying an additional 23,207 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in shares of MGP Ingredients by 230.7% in the first quarter. Kornitzer Capital Management Inc. KS now owns 181,530 shares of the company’s stock valued at $9,844,000 after buying an additional 126,630 shares during the period. Teton Advisors Inc. boosted its position in shares of MGP Ingredients by 8.1% in the first quarter. Teton Advisors Inc. now owns 71,900 shares of the company’s stock valued at $3,899,000 after buying an additional 5,400 shares during the period. Finally, Millrace Asset Group Inc. boosted its position 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 valued at $1,839,000 after buying an additional 3,711 shares during the period. Institutional investors own 97.66% of the company’s stock.

MGP Ingredients, Inc. (NASDAQ:MGPI) opened at 56.52 on Wednesday. The stock has a 50 day moving average price of $53.84 and a 200 day moving average price of $50.77. MGP Ingredients, Inc. has a 12 month low of $31.93 and a 12 month high of $60.62. The stock has a market capitalization of $944.39 million, a PE ratio of 29.59 and a beta of 1.01.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, August 3rd. The company reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.03. MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. The company had revenue of $85.80 million during the quarter, compared to the consensus estimate of $84.39 million. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. On average, equities research analysts forecast that MGP Ingredients, Inc. will post $1.70 earnings per share for the current fiscal year.

The business also recently announced a special dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, August 16th. This represents a yield of 0.27%. MGP Ingredients’s dividend payout ratio is currently 8.42%.

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Several equities analysts have recently weighed in on MGPI shares. BidaskClub upgraded MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Craig Hallum set a $70.00 price target on MGP Ingredients and gave the company a “buy” rating in a research report on Saturday, May 6th. Sidoti cut MGP Ingredients from a “buy” rating to a “neutral” rating in a research report on Friday, May 5th. Finally, Zacks Investment Research cut MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Friday, June 30th.

In related news, Director Karen Seaberg sold 6,288 shares of the firm’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $51.42, for a total value of $323,328.96. Following the transaction, the director now directly owns 10,591 shares of the company’s stock, valued at approximately $544,589.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 23.50% of the stock is currently owned by company insiders.

About MGP Ingredients

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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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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