MGP Ingredients, Inc. (NASDAQ:MGPI) Director Sells $497,800.68 in Stock

MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) Director Karen Seaberg sold 5,289 shares of the stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $94.12, for a total transaction of $497,800.68. Following the completion of the transaction, the director now owns 2,278,529 shares of the company’s stock, valued at approximately $214,455,149.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Karen Seaberg also recently made the following trade(s):

• On Tuesday, March 7th, Karen Seaberg sold 5,126 shares of MGP Ingredients stock. The shares were sold at an average price of $96.41, for a total transaction of $494,197.66.
• On Wednesday, March 1st, Karen Seaberg sold 2,016 shares of MGP Ingredients stock. The shares were sold at an average price of $99.20, for a total transaction of $199,987.20.
• On Monday, February 27th, Karen Seaberg sold 5,217 shares of MGP Ingredients stock. The shares were sold at an average price of $100.26, for a total transaction of $523,056.42.
• On Wednesday, February 1st, Karen Seaberg sold 2,100 shares of MGP Ingredients stock. The shares were sold at an average price of $97.73, for a total transaction of $205,233.00.
• On Tuesday, January 3rd, Karen Seaberg sold 3,500 shares of MGP Ingredients stock. The shares were sold at an average price of $103.39, for a total transaction of $361,865.00.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI opened at $94.62 on Wednesday. MGP Ingredients, Inc. has a twelve month low of $77.57 and a twelve month high of $125.74. The company has a current ratio of 4.31, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 19.27 and a beta of 0.88. The firm has a 50-day moving average of $98.87 and a two-hundred day moving average of $106.72.

MGP Ingredients (NASDAQ:MGPI – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.14. MGP Ingredients had a net margin of 13.92% and a return on equity of 15.27%. The company had revenue of $191.00 million during the quarter, compared to analyst estimates of $183.86 million. During the same period in the prior year, the firm earned $0.87 earnings per share. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, analysts expect that MGP Ingredients, Inc. will post 5.16 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 10th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Thursday, March 9th. MGP Ingredients’s dividend payout ratio is presently 9.78%.

Analyst Ratings Changes

Separately, Wells Fargo & Company cut their price target on shares of MGP Ingredients from $128.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, February 2nd.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently bought and sold shares of MGPI. Lord Abbett & CO. LLC lifted its position in shares of MGP Ingredients by 4.6% in the third quarter. Lord Abbett & CO. LLC now owns 117,679 shares of the company’s stock worth $12,493,000 after purchasing an additional 5,186 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of MGP Ingredients by 29.8% in the third quarter. Prudential Financial Inc. now owns 16,727 shares of the company’s stock worth $1,741,000 after purchasing an additional 3,845 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of MGP Ingredients by 26.6% in the third quarter. Russell Investments Group Ltd. now owns 58,215 shares of the company’s stock worth $6,178,000 after purchasing an additional 12,216 shares in the last quarter. Raymond James & Associates purchased a new stake in shares of MGP Ingredients in the third quarter worth approximately $264,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of MGP Ingredients in the second quarter worth approximately $109,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

About MGP Ingredients

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MGP Ingredients, Inc engages in the manufacture and trade of food, beverage, specialty wheat protein and starch food ingredients. It operates through the following segments: Distillery Products, Branded Spirits and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed and fuel grade alcohol.