Congress Asset Management Co. Increases Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Congress Asset Management Co. grew its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 18.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 490,546 shares of the company’s stock after acquiring an additional 76,835 shares during the quarter. Congress Asset Management Co. owned about 2.23% of MGP Ingredients worth $40,838,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Champlain Investment Partners LLC boosted its position in shares of MGP Ingredients by 25.4% in the 1st quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after purchasing an additional 276,675 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of MGP Ingredients by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after purchasing an additional 8,770 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MGP Ingredients by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after purchasing an additional 68,278 shares in the last quarter. Ariel Investments LLC boosted its position in shares of MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after purchasing an additional 248,076 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of MGP Ingredients in the 2nd quarter worth $22,028,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MGPI shares. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Truist Financial lowered their price target on MGP Ingredients from $95.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Roth Mkm lowered their price target on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Finally, Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, MGP Ingredients presently has a consensus rating of “Hold” and an average price target of $88.60.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 12,092 shares of MGP Ingredients stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the transaction, the director now owns 54,542 shares in the company, valued at $4,944,232.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 36.20% of the stock is owned by company insiders.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $48.04 on Friday. The stock has a market cap of $1.06 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.59. The business has a 50-day simple moving average of $79.47 and a 200-day simple moving average of $78.85. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. MGP Ingredients, Inc. has a 52-week low of $47.91 and a 52-week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. During the same quarter in the previous year, the business earned $1.49 EPS. MGP Ingredients’s revenue for the quarter was down 8.7% compared to the same quarter last year. On average, equities analysts expect that MGP Ingredients, Inc. will post 5.58 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.12 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 1.00%. MGP Ingredients’s dividend payout ratio is presently 11.11%.

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.