Illinois Municipal Retirement Fund Acquires 206 Shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Illinois Municipal Retirement Fund lifted its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 2.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,366 shares of the company’s stock after purchasing an additional 206 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in MGP Ingredients were worth $923,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MGPI. Victory Capital Management Inc. boosted its holdings in shares of MGP Ingredients by 58.0% in the 3rd quarter. Victory Capital Management Inc. now owns 217,403 shares of the company’s stock worth $22,932,000 after purchasing an additional 79,791 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of MGP Ingredients in the 3rd quarter worth about $7,202,000. Congress Asset Management Co. MA boosted its holdings in shares of MGP Ingredients by 19.5% in the 3rd quarter. Congress Asset Management Co. MA now owns 277,229 shares of the company’s stock worth $29,242,000 after purchasing an additional 45,162 shares in the last quarter. Kingdon Capital Management L.L.C. purchased a new position in shares of MGP Ingredients in the 3rd quarter worth about $4,304,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of MGP Ingredients by 91.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 69,500 shares of the company’s stock worth $7,331,000 after purchasing an additional 33,281 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MGP Ingredients

In other news, VP Erika Lapish bought 500 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was purchased at an average price of $77.86 per share, with a total value of $38,930.00. Following the transaction, the vice president now owns 550 shares of the company’s stock, valued at $42,823. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

MGP Ingredients Trading Up 1.7 %

NASDAQ MGPI opened at $80.54 on Monday. MGP Ingredients, Inc. has a fifty-two week low of $75.78 and a fifty-two week high of $124.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.47 and a current ratio of 4.51. The stock has a 50 day simple moving average of $82.46 and a two-hundred day simple moving average of $89.39. The stock has a market cap of $1.77 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 1.19 and a beta of 0.76.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, February 22nd. The company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.26. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. The business had revenue of $214.90 million during the quarter, compared to analysts’ expectations of $206.87 million. During the same quarter last year, the business posted $1.01 EPS. The business’s revenue was up 12.6% on a year-over-year basis. On average, analysts forecast that MGP Ingredients, Inc. will post 6.18 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. The ex-dividend date was Thursday, March 14th. MGP Ingredients’s dividend payout ratio is currently 10.00%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday. Roth Mkm dropped their target price on MGP Ingredients from $100.00 to $95.00 and set a “buy” rating for the company in a report on Thursday. Finally, Wedbush restated an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a report on Wednesday, April 10th.

MGP Ingredients Company Profile

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.