MGP Ingredients Inc (MGPI) Shares Reduced by Russell Investments Group Ltd.

MGP Ingredients Inc (MGPI) Shares Reduced by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its stake in shares of MGP Ingredients Inc (NASDAQ:MGPI) by 45.5% during the first quarter, Holdings Channel reports. The fund owned 76,833 shares of the company’s stock after selling 64,241 shares during the period. Russell Investments Group Ltd.’s holdings in MGP Ingredients were worth $4,166,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MGPI. Conestoga Capital Advisors LLC increased its position in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock valued at $37,358,000 after buying an additional 23,207 shares during the last quarter. Country Club Trust Company n.a. bought a new position in shares of MGP Ingredients during the first quarter valued at approximately $211,000. Finally, Teachers Advisors LLC increased its position in shares of MGP Ingredients by 18.4% in the fourth quarter. Teachers Advisors LLC now owns 22,333 shares of the company’s stock valued at $1,116,000 after buying an additional 3,471 shares during the last quarter. 88.93% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Inc (MGPI) opened at 50.71 on Friday. MGP Ingredients Inc has a 1-year low of $31.93 and a 1-year high of $58.00. The company has a market cap of $847.31 million, a P/E ratio of 26.55 and a beta of 1.31. The stock’s 50 day moving average is $53.20 and its 200 day moving average is $49.34.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.04. MGP Ingredients had a net margin of 9.96% and a return on equity of 22.50%. The business had revenue of $87.20 million during the quarter, compared to analysts’ expectations of $78.36 million. The company’s quarterly revenue was up 13.5% on a year-over-year basis. Equities analysts anticipate that MGP Ingredients Inc will post $1.77 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Monday, May 15th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, May 11th. This represents a $0.16 dividend on an annualized basis and a yield of 0.32%. MGP Ingredients’s dividend payout ratio is presently 4.68%.

MGPI has been the subject of several research reports. Sidoti initiated coverage on shares of MGP Ingredients in a research note on Wednesday, March 8th. They issued a “buy” rating and a $62.00 price objective for the company. Craig Hallum set a $60.00 price objective on shares of MGP Ingredients and gave the company a “buy” rating in a research note on Wednesday, April 12th. Finally, Zacks Investment Research raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, May 10th.

In other news, VP David E. Dykstra sold 5,353 shares of the business’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $55.34, for a total value of $296,235.02. Following the completion of the sale, the vice president now directly owns 44,798 shares in the company, valued at approximately $2,479,121.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Seaberg sold 5,235 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $56.73, for a total transaction of $296,981.55. Following the completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at $567,300. The disclosure for this sale can be found here. In the last three months, insiders sold 44,497 shares of company stock valued at $2,357,361. Corporate insiders own 29.50% of the company’s stock.

MGP Ingredients Company Profile

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:MGPI”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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