Comerica Bank grew its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 138.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,069 shares of the company’s stock after buying an additional 18,024 shares during the period. Comerica Bank owned 0.18% of MGP Ingredients worth $2,809,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of MGP Ingredients by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 117,978 shares of the company’s stock valued at $9,070,000 after buying an additional 817 shares in the last quarter. Earnest Partners LLC bought a new stake in MGP Ingredients during the 4th quarter valued at approximately $115,000. Advisor Group Inc. raised its stake in MGP Ingredients by 636.1% during the 4th quarter. Advisor Group Inc. now owns 2,488 shares of the company’s stock valued at $191,000 after purchasing an additional 2,150 shares during the period. Wells Fargo & Company MN raised its stake in MGP Ingredients by 6.6% during the 4th quarter. Wells Fargo & Company MN now owns 36,644 shares of the company’s stock valued at $2,817,000 after purchasing an additional 2,268 shares during the period. Finally, Millennium Management LLC bought a new stake in MGP Ingredients during the 4th quarter valued at approximately $219,000. 99.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGPI opened at $86.87 on Tuesday. The company has a market cap of $1.46 billion, a P/E ratio of 46.45, a price-to-earnings-growth ratio of 2.71 and a beta of 1.05. MGP Ingredients, Inc. has a 12-month low of $47.64 and a 12-month high of $98.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.24 and a current ratio of 4.31.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Wednesday, May 16th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Tuesday, May 15th. MGP Ingredients’s payout ratio is 17.11%.
In other MGP Ingredients news, Director Daryl Schaller sold 19,612 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $80.08, for a total value of $1,570,528.96. Following the sale, the director now owns 2,851 shares of the company’s stock, valued at approximately $228,308.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP David E. Dykstra sold 10,000 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $85.17, for a total value of $851,700.00. Following the completion of the sale, the vice president now directly owns 40,933 shares in the company, valued at approximately $3,486,263.61. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,595 shares of company stock worth $3,951,162. Corporate insiders own 22.19% of the company’s stock.
Several analysts recently issued reports on MGPI shares. BidaskClub downgraded MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 12th. Zacks Investment Research downgraded MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus decreased their target price on MGP Ingredients from $76.00 to $73.00 and set a “hold” rating on the stock in a research note on Tuesday, March 6th. Sidoti raised MGP Ingredients from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Finally, Craig Hallum reissued a “buy” rating and set a $105.00 target price (up previously from $90.00) on shares of MGP Ingredients in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. MGP Ingredients has a consensus rating of “Hold” and an average price target of $87.33.
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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