Kornitzer Capital Management Inc. KS Boosts Stock Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Kornitzer Capital Management Inc. KS lifted its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 7.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 173,280 shares of the company’s stock after purchasing an additional 12,735 shares during the period. Kornitzer Capital Management Inc. KS owned 0.79% of MGP Ingredients worth $17,072,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MGPI. BlackRock Inc. boosted its holdings in shares of MGP Ingredients by 13.8% during the second quarter. BlackRock Inc. now owns 2,873,795 shares of the company’s stock worth $305,427,000 after purchasing an additional 349,237 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of MGP Ingredients during the first quarter worth about $7,549,000. Vanguard Group Inc. boosted its holdings in shares of MGP Ingredients by 8.6% during the third quarter. Vanguard Group Inc. now owns 1,092,288 shares of the company’s stock worth $115,956,000 after purchasing an additional 86,892 shares during the period. Two Sigma Investments LP boosted its holdings in shares of MGP Ingredients by 999.3% during the first quarter. Two Sigma Investments LP now owns 89,743 shares of the company’s stock worth $8,680,000 after purchasing an additional 81,579 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of MGP Ingredients by 58.0% during the third quarter. Victory Capital Management Inc. now owns 217,403 shares of the company’s stock worth $22,932,000 after purchasing an additional 79,791 shares during the period. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Thursday. Wedbush restated an “outperform” rating and issued a $120.00 price objective on shares of MGP Ingredients in a report on Wednesday, April 10th.

MGP Ingredients Stock Performance

Shares of MGPI opened at $79.75 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.51 and a quick ratio of 1.47. MGP Ingredients, Inc. has a one year low of $75.78 and a one year high of $124.96. The company has a 50-day simple moving average of $83.31 and a two-hundred day simple moving average of $90.19. The firm has a market capitalization of $1.76 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.17 and a beta of 0.76.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, February 22nd. The company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.26. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The business had revenue of $214.90 million during the quarter, compared to the consensus estimate of $206.87 million. During the same quarter last year, the firm earned $1.01 earnings per share. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, analysts anticipate that MGP Ingredients, Inc. will post 6.18 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, March 14th. MGP Ingredients’s dividend payout ratio is 10.00%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, VP Erika Lapish bought 500 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $77.86 per share, with a total value of $38,930.00. Following the completion of the purchase, the vice president now owns 550 shares of the company’s stock, valued at $42,823. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 28.70% of the company’s stock.

MGP Ingredients 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.