Foundations Investment Advisors LLC Invests $208,000 in MGP Ingredients, Inc. (NASDAQ:MGPI)

Foundations Investment Advisors LLC purchased a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,502 shares of the company’s stock, valued at approximately $208,000.

A number of other institutional investors also recently bought and sold shares of MGPI. Covestor Ltd boosted its holdings in shares of MGP Ingredients by 23.3% during the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after buying an additional 150 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in MGP Ingredients by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock worth $1,178,000 after purchasing an additional 177 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of MGP Ingredients by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after purchasing an additional 200 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of MGP Ingredients by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock valued at $275,000 after purchasing an additional 220 shares during the last quarter. Finally, CWM LLC boosted its position in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 325 shares in the last quarter. 77.11% of the stock is owned by institutional investors.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $90.65, for a total transaction of $1,096,139.80. Following the completion of the sale, the director now owns 54,542 shares of the company’s stock, valued at $4,944,232.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGPI has been the subject of a number of analyst reports. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Truist Financial decreased their target price on shares of MGP Ingredients from $95.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, Roth Mkm cut their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients has a consensus rating of “Hold” and an average target price of $88.60.

MGP Ingredients Price Performance

MGPI opened at $57.37 on Monday. The company’s 50-day simple moving average is $81.32 and its two-hundred day simple moving average is $79.29. MGP Ingredients, Inc. has a 52-week low of $56.50 and a 52-week high of $102.42. The stock has a market capitalization of $1.26 billion, a P/E ratio of 13.28, a P/E/G ratio of 0.94 and a beta of 0.59. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. The company had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter last year, the company posted $1.49 earnings per share. As a group, analysts predict that MGP Ingredients, Inc. will post 5.58 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.11%.

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.