MGP Ingredients, Inc. (MGPI) Position Boosted by Conestoga Capital Advisors LLC
Conestoga Capital Advisors LLC raised its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 8.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 746,764 shares of the company’s stock after buying an additional 57,890 shares during the period. MGP Ingredients comprises 2.0% of Conestoga Capital Advisors LLC’s portfolio, making the stock its 26th largest position. Conestoga Capital Advisors LLC owned approximately 4.47% of MGP Ingredients worth $38,212,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in MGPI. Victory Capital Management Inc. raised its stake in shares of MGP Ingredients by 26.7% in the first quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock valued at $100,000 after buying an additional 388 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of MGP Ingredients by 24.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock valued at $173,000 after buying an additional 621 shares during the period. SG Americas Securities LLC acquired a new stake in shares of MGP Ingredients during the first quarter valued at about $186,000. Invictus RG acquired a new stake in shares of MGP Ingredients during the first quarter valued at about $208,000. Finally, Country Club Trust Company n.a. purchased a new stake in MGP Ingredients during the first quarter valued at $211,000. 97.66% of the stock is currently owned by hedge funds and other institutional investors.
MGP Ingredients, Inc. (NASDAQ:MGPI) opened at 58.31 on Thursday. MGP Ingredients, Inc. has a 12 month low of $31.93 and a 12 month high of $60.62. The firm has a market cap of $974.30 million, a P/E ratio of 30.53 and a beta of 1.01. The company’s 50-day moving average is $54.49 and its 200 day moving average is $51.13.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.03. The company had revenue of $85.80 million during the quarter, compared to analyst estimates of $84.39 million. MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities research analysts expect that MGP Ingredients, Inc. will post $1.70 EPS for the current fiscal year.
The business also recently disclosed a special dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be paid a $0.85 dividend. This represents a dividend yield of 0.27%. The ex-dividend date of this dividend is Wednesday, August 16th. MGP Ingredients’s dividend payout ratio is currently 8.42%.
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Several research firms have recently weighed in on MGPI. Craig Hallum set a $60.00 target price on shares of MGP Ingredients and gave the stock a “buy” rating in a report on Wednesday, April 12th. Sidoti lowered shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a report on Monday, May 15th. Zacks Investment Research raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Wednesday, May 10th. Finally, BidaskClub raised shares of MGP Ingredients from a “hold” rating to a “buy” rating in a report on Friday, July 14th.
In related news, Director Karen Seaberg sold 6,288 shares of MGP Ingredients stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $51.42, for a total value of $323,328.96. Following the transaction, the director now directly owns 10,591 shares of the company’s stock, valued at $544,589.22. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 23.50% of the stock is owned by insiders.
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.
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