Invesco Ltd. Trims Stake in MGP Ingredients Inc (NASDAQ:MGPI)

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Invesco Ltd. reduced its holdings in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 80.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,859 shares of the company’s stock after selling 203,846 shares during the period. Invesco Ltd. owned about 0.29% of MGP Ingredients worth $3,306,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MGPI. Marshall Wace LLP increased its holdings in MGP Ingredients by 562.1% during the first quarter. Marshall Wace LLP now owns 14,295 shares of the company’s stock valued at $1,103,000 after buying an additional 12,136 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in MGP Ingredients during the first quarter valued at approximately $37,000. Diversified Trust Co purchased a new stake in MGP Ingredients during the first quarter valued at approximately $272,000. 6 Meridian increased its holdings in MGP Ingredients by 2.3% during the second quarter. 6 Meridian now owns 7,412 shares of the company’s stock valued at $491,000 after buying an additional 166 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management UK Ltd. increased its holdings in MGP Ingredients by 173.9% during the second quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 12,600 shares of the company’s stock valued at $836,000 after buying an additional 8,000 shares during the last quarter.

A number of analysts have recently issued reports on MGPI shares. Craig Hallum reissued a “buy” rating and issued a $100.00 price objective (down from $105.00) on shares of MGP Ingredients in a research note on Wednesday, July 31st. BidaskClub cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Saturday. TheStreet cut shares of MGP Ingredients from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. Zacks Investment Research cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, ValuEngine raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $83.67.

In related news, insider Augustus C. Griffin bought 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was bought at an average cost of $47.75 per share, with a total value of $119,375.00. Following the completion of the purchase, the insider now owns 118,630 shares of the company’s stock, valued at approximately $5,664,582.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.26% of the company’s stock.

Shares of NASDAQ MGPI opened at $46.41 on Tuesday. The firm has a fifty day moving average price of $49.61 and a 200-day moving average price of $62.58. The company has a debt-to-equity ratio of 0.22, a current ratio of 5.26 and a quick ratio of 1.59. The stock has a market cap of $790.13 million, a PE ratio of 21.39 and a beta of 1.60. MGP Ingredients Inc has a 1 year low of $44.12 and a 1 year high of $100.00.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). The firm had revenue of $90.50 million during the quarter, compared to analysts’ expectations of $91.54 million. MGP Ingredients had a return on equity of 18.75% and a net margin of 10.00%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the company earned $0.44 earnings per share. On average, research analysts expect that MGP Ingredients Inc will post 2.65 EPS for the current year.

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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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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