Russell Investments Group Ltd. Sells 8,641 Shares of MGP Ingredients, Inc. (MGPI)
Russell Investments Group Ltd. cut its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 11.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,192 shares of the company’s stock after selling 8,641 shares during the period. Russell Investments Group Ltd. owned approximately 0.41% of MGP Ingredients worth $3,489,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in MGPI. Neuberger Berman Group LLC raised its stake in 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 last quarter. Laurion Capital Management LP purchased a new position in shares of MGP Ingredients during the first quarter valued at $418,000. Millrace Asset Group Inc. increased 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. Stifel Financial Corp increased its position 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 valued at $383,000 after buying an additional 307 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of MGP Ingredients by 4.1% in the first quarter. Geode Capital Management LLC now owns 99,887 shares of the company’s stock valued at $5,416,000 after buying an additional 3,942 shares during the period. 98.38% of the stock is owned by institutional investors.
Shares of MGP Ingredients, Inc. (MGPI) traded up 0.152% on Monday, hitting $56.075. 60,960 shares of the stock traded hands. The stock has a 50-day moving average price of $57.09 and a 200 day moving average price of $52.38. MGP Ingredients, Inc. has a 12-month low of $31.93 and a 12-month high of $62.00. The stock has a market cap of $937.29 million, a price-to-earnings ratio of 29.282 and a beta of 1.01.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by $0.03. The firm had revenue of $85.80 million for the quarter, compared to the consensus estimate of $84.39 million. MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, analysts anticipate that MGP Ingredients, Inc. will post $1.69 earnings per share for the current fiscal year.
The company also recently disclosed a special dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be given a dividend of $0.85 per share. This represents a yield of 0.27%. The ex-dividend date is Wednesday, August 16th. MGP Ingredients’s payout ratio is 8.42%.
Several brokerages have recently weighed in on MGPI. BidaskClub upgraded shares of MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Zacks Investment Research downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Sidoti downgraded shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Monday, May 15th. Finally, 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.
In other MGP Ingredients news, Director Karen Seaberg sold 6,598 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $60.06, for a total transaction of $396,275.88. Following the transaction, the director now owns 10,591 shares in the company, valued at approximately $636,095.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.50% of the stock is 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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