MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Sold by Champlain Investment Partners LLC

by · The Cerbat Gem

Champlain Investment Partners LLC cut its stake in MGP Ingredients, Inc. (NASDAQ:MGPI – Free Report) by 5.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,545,458 shares of the company’s stock after selling 82,333 shares during the quarter. Champlain Investment Partners LLC owned approximately 7.04% of MGP Ingredients worth $128,659,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new position in shares of MGP Ingredients in the 2nd quarter valued at $22,028,000. Ariel Investments LLC increased its holdings in MGP Ingredients by 92.7% in the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after buying an additional 248,076 shares in the last quarter. Rice Hall James & Associates LLC acquired a new position in shares of MGP Ingredients in the third quarter worth about $6,545,000. Congress Asset Management Co. boosted its stake in shares of MGP Ingredients by 18.6% during the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after acquiring an additional 76,835 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in 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 during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Trading Down 2.7 %

Shares of MGPI opened at $45.50 on Friday. MGP Ingredients, Inc. has a 52-week low of $44.96 and a 52-week high of $102.42. The stock has a market cap of $998.73 million, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.76 and a beta of 0.66. The firm’s fifty day moving average is $66.96 and its two-hundred day moving average is $75.42. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI – Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The firm 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%. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.34 earnings per share. Research analysts forecast that MGP Ingredients, Inc. will post 5.57 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. 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 report on Wednesday, November 6th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a research note on Friday, October 18th. Truist Financial reduced their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Roth Mkm cut their target price on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

View Our Latest Report on MGP Ingredients

Insider Buying and Selling

In other news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were 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 of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction that occurred on 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 directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.81 % decrease in their position. The disclosure for this sale can be found here. 36.20% of the stock is currently owned by company insiders.

MGP Ingredients Company Profile

(Free Report)

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.

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