Arizona State Retirement System raised its holdings in MGP Ingredients Inc (NASDAQ:MGPI) by 0.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,795 shares of the company’s stock after buying an additional 175 shares during the quarter. Arizona State Retirement System owned 0.12% of MGP Ingredients worth $1,313,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in MGPI. Dimensional Fund Advisors LP grew its position in shares of MGP Ingredients by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock valued at $41,840,000 after acquiring an additional 3,196 shares during the period. Deutsche Bank AG grew its position in shares of MGP Ingredients by 352.1% during the 4th quarter. Deutsche Bank AG now owns 139,860 shares of the company’s stock valued at $7,977,000 after acquiring an additional 108,921 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of MGP Ingredients by 47.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 3,677 shares of the company’s stock valued at $284,000 after acquiring an additional 1,183 shares during the period. Virginia Retirement Systems ET AL acquired a new stake in shares of MGP Ingredients during the 1st quarter valued at about $247,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of MGP Ingredients by 628.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,132 shares of the company’s stock valued at $242,000 after acquiring an additional 2,702 shares during the period. 98.10% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently commented on MGPI shares. ValuEngine cut MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, June 17th. BidaskClub cut MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Zacks Investment Research upgraded MGP Ingredients from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Saturday, August 3rd. Finally, Craig Hallum restated a “buy” rating and set a $100.00 target price (down from $105.00) on shares of MGP Ingredients in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $83.67.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). The company had revenue of $90.50 million during the quarter, compared to analysts’ expectations of $91.54 million. MGP Ingredients had a net margin of 10.00% and a return on equity of 18.75%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 earnings per share. On average, sell-side analysts predict that MGP Ingredients Inc will post 2.65 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Wednesday, August 14th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Tuesday, August 13th. MGP Ingredients’s dividend payout ratio is presently 18.43%.
About MGP Ingredients
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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