Isthmus Partners LLC Sells 3,732 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Isthmus Partners LLC cut its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI) by 9.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,695 shares of the company’s stock after selling 3,732 shares during the period. Isthmus Partners LLC owned 0.17% of MGP Ingredients worth $3,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Natixis Advisors LLC lifted its stake in MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after purchasing an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. raised its position in shares of MGP Ingredients by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after buying an additional 7,042 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of MGP Ingredients during the 3rd quarter valued at $1,010,000. Envestnet Asset Management Inc. raised its position in shares of MGP Ingredients by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after buying an additional 19,203 shares in the last quarter. Finally, Earnest Partners LLC raised its position in shares of MGP Ingredients by 16.0% during the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock valued at $8,126,000 after buying an additional 15,090 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on MGPI shares. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Roth Mkm lowered their price objective on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Truist Financial decreased their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Price Performance

Shares of MGP Ingredients stock opened at $45.99 on Friday. The firm has a market cap of $1.01 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 0.75 and a beta of 0.66. MGP Ingredients, Inc. has a 12-month low of $43.48 and a 12-month high of $102.42. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company’s fifty day simple moving average is $63.83 and its two-hundred day simple moving average is $74.36.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 EPS. As a group, equities analysts expect that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.98%.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares of the company’s stock, valued at approximately $12,166,105.66. The trade was a 0.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now directly owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The disclosure for this sale can be found here. Insiders own 36.20% of the company’s stock.

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.