Walthausen & Co. LLC bought a new stake in MGP Ingredients Inc (NASDAQ:MGPI) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 194,034 shares of the company’s stock, valued at approximately $15,325,000. MGP Ingredients makes up about 1.5% of Walthausen & Co. LLC’s holdings, making the stock its 8th biggest holding.
Several other hedge funds also recently bought and sold shares of MGPI. Conestoga Capital Advisors LLC grew its stake in shares of MGP Ingredients by 51.4% in the third quarter. Conestoga Capital Advisors LLC now owns 1,117,274 shares of the company’s stock valued at $88,242,000 after buying an additional 379,431 shares in the last quarter. BlackRock Inc. grew its stake in shares of MGP Ingredients by 8.4% in the second quarter. BlackRock Inc. now owns 1,782,058 shares of the company’s stock valued at $158,264,000 after buying an additional 137,338 shares in the last quarter. Pembroke Management LTD grew its stake in shares of MGP Ingredients by 74.8% in the third quarter. Pembroke Management LTD now owns 272,141 shares of the company’s stock valued at $21,494,000 after buying an additional 116,441 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of MGP Ingredients by 1,601.0% in the first quarter. Principal Financial Group Inc. now owns 103,522 shares of the company’s stock valued at $9,275,000 after buying an additional 97,436 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of MGP Ingredients by 25.0% in the third quarter. Jennison Associates LLC now owns 303,406 shares of the company’s stock valued at $23,963,000 after buying an additional 60,650 shares in the last quarter.
In other MGP Ingredients news, Director Karen Seaberg sold 11,175 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $78.33, for a total transaction of $875,337.75. Following the completion of the sale, the director now owns 11,864 shares in the company, valued at approximately $929,307.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP K. Pigott Thomas acquired 1,000 shares of the stock in a transaction on Tuesday, November 6th. The shares were acquired at an average price of $65.91 per share, with a total value of $65,910.00. Following the purchase, the vice president now owns 31,432 shares in the company, valued at $2,071,683.12. The disclosure for this purchase can be found here. 22.19% of the stock is owned by company insiders.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, November 1st. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. MGP Ingredients had a return on equity of 19.23% and a net margin of 10.48%. The firm had revenue of $95.00 million during the quarter, compared to analyst estimates of $93.08 million. During the same quarter last year, the firm earned $0.82 EPS. MGP Ingredients’s quarterly revenue was up 10.1% on a year-over-year basis. Equities analysts expect that MGP Ingredients Inc will post 2.03 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. MGP Ingredients’s dividend payout ratio (DPR) is presently 17.11%.
A number of equities research analysts have recently issued reports on the company. ValuEngine lowered MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Monday, August 20th. BidaskClub lowered MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Finally, Zacks Investment Research lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Wednesday, November 7th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $87.33.
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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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