Allspring Global Investments Holdings LLC Sells 35,013 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Allspring Global Investments Holdings LLC cut its stake in MGP Ingredients, Inc. (NASDAQ:MGPI) by 28.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,871 shares of the company’s stock after selling 35,013 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.40% of MGP Ingredients worth $8,559,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MGPI. Money Concepts Capital Corp purchased a new position in shares of MGP Ingredients in the fourth quarter worth approximately $32,000. Global Retirement Partners LLC boosted its holdings in shares of MGP Ingredients by 464.8% in the fourth quarter. Global Retirement Partners LLC now owns 401 shares of the company’s stock worth $37,000 after buying an additional 330 shares during the last quarter. Legacy Financial Group LLC purchased a new position in shares of MGP Ingredients in the third quarter worth approximately $61,000. Lazard Asset Management LLC boosted its holdings in shares of MGP Ingredients by 219.0% in the fourth quarter. Lazard Asset Management LLC now owns 721 shares of the company’s stock worth $76,000 after buying an additional 495 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of MGP Ingredients by 76.2% in the first quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock worth $82,000 after buying an additional 412 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Erika Lapish acquired 500 shares of MGP Ingredients stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the transaction, the vice president now directly owns 550 shares in the company, valued at approximately $42,823. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 28.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Thursday. Wedbush reaffirmed an “outperform” rating and set a $120.00 price target on shares of MGP Ingredients in a report on Wednesday, April 10th.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $77.78 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.51 and a quick ratio of 1.47. MGP Ingredients, Inc. has a 1-year low of $75.78 and a 1-year high of $124.96. The company has a market capitalization of $1.71 billion, a P/E ratio of 16.20, a P/E/G ratio of 1.15 and a beta of 0.76. The firm’s 50 day simple moving average is $83.54 and its two-hundred day simple moving average is $90.52.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.26. The business had revenue of $214.90 million for the quarter, compared to the consensus estimate of $206.87 million. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Research analysts expect that MGP Ingredients, Inc. will post 6.18 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.62%. The ex-dividend date was Thursday, March 14th. MGP Ingredients’s payout ratio is currently 10.00%.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.