Bank of America Corp DE grew its stake in MGP Ingredients Inc (NASDAQ:MGPI) by 98.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 141,773 shares of the company’s stock after buying an additional 70,510 shares during the period. Bank of America Corp DE’s holdings in MGP Ingredients were worth $8,087,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in shares of MGP Ingredients by 4.0% in the fourth quarter. Victory Capital Management Inc. now owns 4,236 shares of the company’s stock worth $242,000 after buying an additional 164 shares during the last quarter. Texas Permanent School Fund lifted its position in shares of MGP Ingredients by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 8,273 shares of the company’s stock worth $472,000 after buying an additional 322 shares during the last quarter. Bank of Montreal Can lifted its position in shares of MGP Ingredients by 437.4% in the fourth quarter. Bank of Montreal Can now owns 489 shares of the company’s stock worth $28,000 after buying an additional 398 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of MGP Ingredients by 8.5% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 7,243 shares of the company’s stock worth $413,000 after buying an additional 570 shares during the last quarter. Finally, BB&T Corp lifted its position in shares of MGP Ingredients by 14.4% in the fourth quarter. BB&T Corp now owns 4,695 shares of the company’s stock worth $268,000 after buying an additional 590 shares during the last quarter. 98.10% of the stock is owned by institutional investors.
MGP Ingredients stock opened at $81.36 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.22 and a current ratio of 4.13. The stock has a market capitalization of $1.35 billion, a PE ratio of 37.49 and a beta of 1.56. MGP Ingredients Inc has a 52 week low of $53.66 and a 52 week high of $100.00.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Wednesday, February 27th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.13. The business had revenue of $104.85 million for the quarter, compared to analyst estimates of $99.77 million. MGP Ingredients had a return on equity of 19.68% and a net margin of 9.81%. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. Analysts anticipate that MGP Ingredients Inc will post 2.61 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Wednesday, March 13th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This is a positive change from MGP Ingredients’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. MGP Ingredients’s payout ratio is presently 18.43%.
MGPI has been the subject of a number of analyst reports. BidaskClub cut MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. Zacks Investment Research raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Thursday, January 3rd.
In other news, Director Karen Seaberg sold 1,546 shares of MGP Ingredients stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $77.75, for a total value of $120,201.50. Following the transaction, the director now directly owns 12,682 shares in the company, valued at $986,025.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David E. Dykstra sold 5,000 shares of MGP Ingredients stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $82.18, for a total value of $410,900.00. Following the completion of the transaction, the vice president now owns 29,396 shares in the company, valued at $2,415,763.28. The disclosure for this sale can be found here. Insiders own 22.19% of the company’s stock.
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MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products 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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