Texas Permanent School Fund grew its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) by 2.1% in the second quarter, HoldingsChannel.com reports. The fund owned 9,058 shares of the company’s stock after acquiring an additional 182 shares during the quarter. Texas Permanent School Fund’s holdings in MGP Ingredients were worth $907,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Captrust Financial Advisors lifted its position in shares of MGP Ingredients by 76.2% during the 1st quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock valued at $82,000 after acquiring an additional 412 shares during the period. KBC Group NV bought a new stake in shares of MGP Ingredients during the 2nd quarter valued at $109,000. Nisa Investment Advisors LLC lifted its position in shares of MGP Ingredients by 22.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company’s stock valued at $110,000 after acquiring an additional 200 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of MGP Ingredients by 22.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock valued at $120,000 after acquiring an additional 254 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of MGP Ingredients during the 1st quarter worth $193,000. 79.27% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several analysts recently weighed in on the company. StockNews.com assumed coverage on MGP Ingredients in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Lake Street Capital upped their price objective on MGP Ingredients from $125.00 to $140.00 in a research report on Friday, November 4th. Wedbush assumed coverage on MGP Ingredients in a research report on Monday, October 10th. They set an “outperform” rating and a $125.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on MGP Ingredients from $126.00 to $128.00 and gave the stock an “overweight” rating in a research report on Friday, November 4th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients presently has an average rating of “Moderate Buy” and a consensus target price of $117.83.
MGP Ingredients Price Performance
MGP Ingredients Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $0.48 annualized dividend and a yield of 0.40%. MGP Ingredients’s dividend payout ratio is presently 9.06%.
Insider Buying and Selling at MGP Ingredients
In other MGP Ingredients news, Director Lori L.S. Mingus sold 1,745 shares of the stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $114.96, for a total value of $200,605.20. Following the completion of the transaction, the director now directly owns 14,179 shares in the company, valued at $1,630,017.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Karen Seaberg sold 4,472 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $106.38, for a total value of $475,731.36. Following the completion of the sale, the director now owns 61,067 shares of the company’s stock, valued at $6,496,307.46. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lori L.S. Mingus sold 1,745 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $114.96, for a total value of $200,605.20. Following the completion of the sale, the director now directly owns 14,179 shares of the company’s stock, valued at approximately $1,630,017.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,655 shares of company stock worth $723,794. 36.70% of the stock is currently owned by insiders.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; 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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