Standard Life Aberdeen plc increased its holdings in MGP Ingredients Inc (NASDAQ:MGPI) by 6.7% during the fourth quarter, Holdings Channel reports. The firm owned 671,610 shares of the company’s stock after acquiring an additional 42,247 shares during the quarter. Standard Life Aberdeen plc’s holdings in MGP Ingredients were worth $32,540,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of MGPI. Marshall Wace North America L.P. purchased a new position in MGP Ingredients in the 1st quarter worth approximately $37,000. Advisor Group Inc. raised its holdings in shares of MGP Ingredients by 672.5% during the 4th quarter. Advisor Group Inc. now owns 842 shares of the company’s stock worth $41,000 after acquiring an additional 733 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter worth approximately $44,000. Nisa Investment Advisors LLC raised its holdings in shares of MGP Ingredients by 42.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the company’s stock worth $48,000 after acquiring an additional 300 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of MGP Ingredients by 34.8% during the 4th quarter. Bank of Montreal Can now owns 1,686 shares of the company’s stock worth $82,000 after acquiring an additional 435 shares in the last quarter.
Several brokerages have recently issued reports on MGPI. Craig Hallum decreased their price objective on MGP Ingredients from $40.00 to $32.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. SunTrust Banks reaffirmed a “hold” rating and set a $45.00 price objective on shares of MGP Ingredients in a report on Tuesday, January 28th. BidaskClub raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Finally, Zacks Investment Research cut MGP Ingredients from a “hold” rating to a “strong sell” rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $46.00.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.06. MGP Ingredients had a return on equity of 17.76% and a net margin of 10.63%. The company had revenue of $92.50 million for the quarter, compared to analyst estimates of $91.54 million. During the same quarter in the prior year, the firm posted $0.69 EPS. MGP Ingredients’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts expect that MGP Ingredients Inc will post 2.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.82%. The ex-dividend date is Thursday, March 12th. This is a positive change from MGP Ingredients’s previous quarterly dividend of $0.10. MGP Ingredients’s dividend payout ratio is presently 21.15%.
In other MGP Ingredients news, Director Terrence P. Dunn acquired 7,994 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were bought at an average price of $25.02 per share, with a total value of $200,009.88. Following the transaction, the director now directly owns 6,361 shares of the company’s stock, valued at approximately $159,152.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Augustus C. Griffin acquired 2,500 shares of the business’s stock in a transaction on Friday, March 13th. The stock was acquired at an average cost of $24.65 per share, for a total transaction of $61,625.00. Following the transaction, the chief executive officer now directly owns 121,809 shares in the company, valued at $3,002,591.85. The disclosure for this purchase can be found here. Insiders have purchased a total of 16,953 shares of company stock worth $438,424 in the last 90 days. 24.26% of the stock is currently owned by insiders.
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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