81,400 Shares in MGP Ingredients, Inc. (NASDAQ:MGPI) Purchased by Portolan Capital Management LLC

Portolan Capital Management LLC purchased a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 81,400 shares of the company’s stock, valued at approximately $6,777,000.

Several other institutional investors have also modified their holdings of MGPI. CWM LLC lifted its stake in shares of MGP Ingredients by 477.9% in the second quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 325 shares in the last quarter. Isthmus Partners LLC raised its stake in MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC acquired a new stake in MGP Ingredients during the second quarter valued at approximately $42,000. Farther Finance Advisors LLC raised its stake in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after buying an additional 186 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on MGPI. Loop Capital set a $75.00 price objective on MGP Ingredients in a research note on Friday, October 18th. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial dropped their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Roth Mkm dropped their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGP Ingredients currently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $45.33 on Wednesday. MGP Ingredients, Inc. has a 12-month low of $43.48 and a 12-month high of $102.42. The firm has a market capitalization of $994.99 million, a price-to-earnings ratio of 9.42, a price-to-earnings-growth ratio of 0.75 and a beta of 0.63. The business has a 50 day simple moving average of $60.82 and a 200 day simple moving average of $73.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data 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. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same period in the prior year, the company posted $1.34 EPS. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year. On average, equities research analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. MGP Ingredients’s payout ratio is currently 9.98%.

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.