Comerica Bank Has $1.04 Million Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Comerica Bank lifted its position in MGP Ingredients, Inc. (NASDAQ:MGPIGet Rating) by 7.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,926 shares of the company’s stock after acquiring an additional 718 shares during the period. Comerica Bank’s holdings in MGP Ingredients were worth $1,038,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Truvestments Capital LLC acquired a new stake in MGP Ingredients in the second quarter worth $56,000. Premier Fund Managers Ltd increased its position in shares of MGP Ingredients by 7.1% in the 2nd quarter. Premier Fund Managers Ltd now owns 19,500 shares of the company’s stock valued at $57,000 after buying an additional 1,300 shares in the last quarter. Captrust Financial Advisors raised its stake in MGP Ingredients by 76.2% during the 1st quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock worth $82,000 after buying an additional 412 shares during the period. KBC Group NV bought a new position in MGP Ingredients during the second quarter worth about $109,000. Finally, SeaCrest Wealth Management LLC acquired a new position in MGP Ingredients in the second quarter valued at about $109,000. Institutional investors own 78.64% of the company’s stock.

MGP Ingredients Trading Up 0.1 %

NASDAQ:MGPI opened at $96.66 on Wednesday. The company has a market cap of $2.13 billion, a P/E ratio of 18.24 and a beta of 0.98. MGP Ingredients, Inc. has a twelve month low of $73.02 and a twelve month high of $125.74. The business has a 50 day moving average price of $111.48 and a two-hundred day moving average price of $109.08. The company has a quick ratio of 1.64, a current ratio of 4.37 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPIGet Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.10. The business had revenue of $201.15 million for the quarter, compared to analyst estimates of $193.33 million. MGP Ingredients had a net margin of 15.57% and a return on equity of 15.39%. As a group, analysts expect that MGP Ingredients, Inc. will post 4.77 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Thursday, November 17th. MGP Ingredients’s dividend payout ratio is currently 9.06%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wells Fargo & Company raised their price target on MGP Ingredients from $126.00 to $128.00 and gave the stock an “overweight” rating in a research report on Friday, November 4th. Lake Street Capital lifted their price target on shares of MGP Ingredients from $125.00 to $140.00 in a research note on Friday, November 4th. StockNews.com initiated coverage on shares of MGP Ingredients in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Wedbush started coverage on shares of MGP Ingredients in a research report on Monday, October 10th. They issued an “outperform” rating and a $125.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $127.00.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $103.39, for a total value of $361,865.00. Following the completion of the transaction, the director now directly owns 2,295,512 shares in the company, valued at $237,332,985.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 3,941 shares of company stock worth $409,691. Corporate insiders own 36.70% of the company’s stock.

MGP Ingredients Profile

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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.

See Also

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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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