AQR Capital Management LLC Has $2.94 Million Stake in MGP Ingredients, Inc. (MGPI)
AQR Capital Management LLC cut its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 19.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,290 shares of the company’s stock after selling 12,962 shares during the period. AQR Capital Management LLC owned approximately 0.32% of MGP Ingredients worth $2,944,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Neuberger Berman Group LLC increased its position in shares of MGP Ingredients by 106.4% in the first quarter. Neuberger Berman Group LLC now owns 1,109,583 shares of the company’s stock worth $60,173,000 after buying an additional 571,983 shares during the last quarter. Laurion Capital Management LP acquired a new position in shares of MGP Ingredients during the first quarter worth about $418,000. Stifel Financial Corp increased its position in shares of MGP Ingredients by 4.5% in the first quarter. Stifel Financial Corp now owns 7,084 shares of the company’s stock worth $383,000 after buying an additional 307 shares during the last quarter. Millrace Asset Group Inc. increased its position in shares of MGP Ingredients by 12.3% in the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock worth $1,839,000 after buying an additional 3,711 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of MGP Ingredients by 4.1% in the first quarter. Geode Capital Management LLC now owns 99,887 shares of the company’s stock worth $5,416,000 after buying an additional 3,942 shares during the last quarter. 97.96% of the stock is currently owned by hedge funds and other institutional investors.
MGP Ingredients, Inc. (NASDAQ MGPI) traded up 0.89% on Friday, reaching $58.07. The company’s stock had a trading volume of 89,214 shares. MGP Ingredients, Inc. has a 1-year low of $31.93 and a 1-year high of $62.00. The company has a market capitalization of $970.64 million, a price-to-earnings ratio of 30.32 and a beta of 1.01. The firm’s 50 day moving average price is $56.38 and its 200-day moving average price is $51.91.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.03. The firm had revenue of $85.80 million for the quarter, compared to analysts’ expectations of $84.39 million. MGP Ingredients had a net margin of 9.33% and a return on equity of 21.30%. The company’s revenue was up 6.7% on a year-over-year basis. Equities analysts forecast that MGP Ingredients, Inc. will post $1.69 earnings per share for the current year.
The business also recently disclosed a special dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a dividend yield of 0.27%. MGP Ingredients’s dividend payout ratio (DPR) is presently 8.42%.
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MGPI has been the topic of a number of research analyst reports. Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Wednesday, May 10th. Craig Hallum set a $70.00 target price on MGP Ingredients and gave the company a “buy” rating in a report on Saturday, May 6th. BidaskClub raised MGP Ingredients from a “hold” rating to a “buy” rating in a report on Friday, July 14th. Finally, Sidoti downgraded MGP Ingredients from a “buy” rating to a “neutral” rating in a report on Monday, May 15th.
In other news, Director Karen Seaberg sold 6,288 shares of the business’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $51.42, for a total value of $323,328.96. Following the completion of the transaction, the director now owns 10,591 shares of the company’s stock, valued at approximately $544,589.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 23.50% 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.
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