Investors Sell MGP Ingredients (MGPI) on Strength Following Insider Selling

Traders sold shares of MGP Ingredients Inc (NASDAQ:MGPI) on strength during trading on Friday following insider selling activity. $20.32 million flowed into the stock on the tick-up and $129.32 million flowed out of the stock on the tick-down, for a money net flow of $109.00 million out of the stock. Of all companies tracked, MGP Ingredients had the 0th highest net out-flow for the day. MGP Ingredients traded up $0.03 for the day and closed at $85.35Specifically, CEO Augustus C. Griffin acquired 1,000 shares of the business’s stock in a transaction on Tuesday, March 6th. The shares were bought at an average price of $76.33 per share, with a total value of $76,330.00. Following the transaction, the chief executive officer now directly owns 108,084 shares of the company’s stock, valued at approximately $8,250,051.72. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Rodger Buttshaw sold 700 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $77.62, for a total value of $54,334.00. Following the completion of the transaction, the vice president now directly owns 12,790 shares in the company, valued at approximately $992,759.80. The disclosure for this sale can be found here. Insiders sold a total of 33,770 shares of company stock worth $2,752,401 in the last ninety days. 23.50% of the stock is currently owned by corporate insiders.

A number of equities analysts have recently issued reports on MGPI shares. Stifel Nicolaus started coverage on MGP Ingredients in a research report on Tuesday, December 5th. They set a “hold” rating and a $73.00 price target on the stock. BidaskClub downgraded MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 9th. Zacks Investment Research downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Craig Hallum reissued a “buy” rating and set a $105.00 price target (up previously from $90.00) on shares of MGP Ingredients in a research report on Monday, January 29th. Finally, Sidoti raised MGP Ingredients from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $87.33.

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The company has a quick ratio of 1.00, a current ratio of 3.24 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1,433.23, a PE ratio of 35.12, a PEG ratio of 2.66 and a beta of 1.09.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, March 1st. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.06. MGP Ingredients had a return on equity of 18.76% and a net margin of 11.71%. The business had revenue of $88.20 million for the quarter, compared to the consensus estimate of $85.44 million. During the same quarter in the prior year, the company earned $0.48 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. equities analysts forecast that MGP Ingredients Inc will post 2.14 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 23rd. Stockholders of record on Friday, March 9th were given a dividend of $0.08 per share. This is an increase from MGP Ingredients’s previous quarterly dividend of $0.04. The ex-dividend date was Thursday, March 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. MGP Ingredients’s dividend payout ratio is presently 13.17%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Earnest Partners LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter worth $115,000. SG Americas Securities LLC purchased a new stake in shares of MGP Ingredients during the 3rd quarter worth $128,000. Advisor Group Inc. lifted its stake in shares of MGP Ingredients by 636.1% during the 4th quarter. Advisor Group Inc. now owns 2,488 shares of the company’s stock worth $191,000 after purchasing an additional 2,150 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter worth $219,000. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of MGP Ingredients during the 4th quarter worth $228,000. Hedge funds and other institutional investors own 95.31% of the company’s stock.

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About MGP Ingredients

MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.

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