Jennison Associates LLC Grows Stake in MGP Ingredients Inc (MGPI)

Jennison Associates LLC grew its holdings in MGP Ingredients Inc (NASDAQ:MGPI) by 25.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 303,406 shares of the company’s stock after purchasing an additional 60,650 shares during the quarter. Jennison Associates LLC’s holdings in MGP Ingredients were worth $23,963,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Conestoga Capital Advisors LLC boosted its position in MGP Ingredients by 51.4% during the third quarter. Conestoga Capital Advisors LLC now owns 1,117,274 shares of the company’s stock worth $88,242,000 after acquiring an additional 379,431 shares during the last quarter. BlackRock Inc. boosted its position in MGP Ingredients by 8.4% during the second quarter. BlackRock Inc. now owns 1,782,058 shares of the company’s stock worth $158,264,000 after acquiring an additional 137,338 shares during the last quarter. Pembroke Management LTD boosted its position in MGP Ingredients by 74.8% during the third quarter. Pembroke Management LTD now owns 272,141 shares of the company’s stock worth $21,494,000 after acquiring an additional 116,441 shares during the last quarter. Principal Financial Group Inc. boosted its position in MGP Ingredients by 1,601.0% during the first quarter. Principal Financial Group Inc. now owns 103,522 shares of the company’s stock worth $9,275,000 after acquiring an additional 97,436 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its position in MGP Ingredients by 349.2% during the second quarter. Advisors Asset Management Inc. now owns 59,018 shares of the company’s stock worth $1,093,000 after acquiring an additional 45,879 shares during the last quarter.

MGPI has been the topic of a number of analyst reports. BidaskClub lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, August 6th. ValuEngine upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. Finally, Zacks Investment Research lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Wednesday, November 7th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $87.33.

In related news, Director George W. Page, Jr. purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, August 28th. The shares were bought at an average price of $72.36 per share, for a total transaction of $723,600.00. Following the acquisition, the director now directly owns 931 shares in the company, valued at $67,367.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Seaberg sold 11,175 shares of MGP Ingredients stock in a transaction on Tuesday, September 25th. The shares were sold at an average price of $78.33, for a total transaction of $875,337.75. Following the completion of the transaction, the director now owns 11,864 shares in the company, valued at approximately $929,307.12. The disclosure for this sale can be found here. 22.19% of the stock is owned by company insiders.

Shares of NASDAQ MGPI opened at $68.84 on Friday. MGP Ingredients Inc has a 1 year low of $64.06 and a 1 year high of $99.73. The company has a market cap of $1.15 billion, a P/E ratio of 36.81 and a beta of 1.13. The company has a current ratio of 5.07, a quick ratio of 1.69 and a debt-to-equity ratio of 0.23.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, November 1st. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.01. MGP Ingredients had a net margin of 10.48% and a return on equity of 19.23%. The firm had revenue of $95.00 million for the quarter, compared to analyst estimates of $93.08 million. During the same quarter last year, the business earned $0.82 earnings per share. MGP Ingredients’s revenue was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate that MGP Ingredients Inc will post 2.03 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.46%. MGP Ingredients’s dividend payout ratio (DPR) is presently 17.11%.

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MGP Ingredients Profile

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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