Crestline Management LP Purchases New Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Crestline Management LP acquired a new position in MGP Ingredients, Inc. (NASDAQ:MGPI) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,963 shares of the company’s stock, valued at approximately $471,000. Crestline Management LP owned 0.05% of MGP Ingredients at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after buying an additional 431 shares in the last quarter. Isthmus Partners LLC raised its stake in shares of MGP Ingredients by 1.8% during the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock valued at $1,511,000 after acquiring an additional 684 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after purchasing an additional 687 shares during the period. Price T Rowe Associates Inc. MD grew its stake in MGP Ingredients by 21.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company’s stock worth $223,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in MGP Ingredients by 9.6% during the 4th quarter. Assetmark Inc. now owns 12,475 shares of the company’s stock worth $491,000 after purchasing an additional 1,092 shares during the period. Institutional investors own 77.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Truist Financial dropped their price target on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and dropped their target price for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, MGP Ingredients currently has a consensus rating of “Moderate Buy” and an average target price of $50.33.

MGP Ingredients Price Performance

Shares of MGPI stock opened at $32.98 on Friday. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a market capitalization of $701.55 million, a price-to-earnings ratio of 6.86 and a beta of 0.32. The stock’s 50-day simple moving average is $29.72 and its 200-day simple moving average is $37.05.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $121.65 million for the quarter, compared to analyst estimates of $119.14 million. During the same quarter in the prior year, the business posted $1.07 EPS. MGP Ingredients’s revenue for the quarter was down 28.7% compared to the same quarter last year. As a group, equities analysts forecast that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Friday, May 16th. MGP Ingredients’s dividend payout ratio is presently 106.67%.

Insider Transactions at MGP Ingredients

In related news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the transaction, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. This represents a 9.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Roper acquired 15,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was acquired at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the acquisition, the director now directly owns 18,180 shares in the company, valued at approximately $601,758. The trade was a 471.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 29,417 shares of company stock worth $905,556 over the last three months. 36.20% of the stock is currently owned by insiders.

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.