SummerHaven Investment Management LLC Purchases New Position in MGP Ingredients, Inc. $MGPI

SummerHaven Investment Management LLC bought a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 27,088 shares of the company’s stock, valued at approximately $655,000. SummerHaven Investment Management LLC owned approximately 0.13% of MGP Ingredients as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC bought a new stake in shares of MGP Ingredients in the 1st quarter worth about $735,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of MGP Ingredients by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company’s stock worth $248,000 after purchasing an additional 390 shares during the period. Millennium Management LLC increased its position in shares of MGP Ingredients by 116.6% during the 1st quarter. Millennium Management LLC now owns 359,813 shares of the company’s stock valued at $10,571,000 after purchasing an additional 193,660 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in MGP Ingredients by 10.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 158,879 shares of the company’s stock valued at $4,668,000 after buying an additional 14,501 shares during the period. Finally, GAMMA Investing LLC lifted its position in MGP Ingredients by 89.0% in the second quarter. GAMMA Investing LLC now owns 2,829 shares of the company’s stock worth $85,000 after buying an additional 1,332 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of MGP Ingredients in a research report on Thursday, January 22nd. Zacks Research lowered shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Benchmark began coverage on shares of MGP Ingredients in a research note on Thursday, January 22nd. They issued a “buy” rating and a $35.00 price objective for the company. Wall Street Zen cut MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Sunday, January 11th. Finally, TD Cowen decreased their price target on MGP Ingredients from $27.00 to $24.00 and set a “hold” rating for the company in a research note on Thursday, January 8th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $33.60.

MGP Ingredients Trading Down 1.8%

MGPI opened at $24.44 on Thursday. The company has a quick ratio of 0.69, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average is $24.32 and its two-hundred day moving average is $26.07. The company has a market capitalization of $520.33 million, a P/E ratio of -36.48 and a beta of 0.37. MGP Ingredients, Inc. has a 52 week low of $21.67 and a 52 week high of $36.47.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.23. MGP Ingredients had a positive return on equity of 9.65% and a negative net margin of 2.56%.The business had revenue of $130.91 million for the quarter, compared to the consensus estimate of $128.33 million. During the same quarter in the prior year, the company earned $1.29 EPS. The business’s revenue was down 18.9% compared to the same quarter last year. Analysts forecast that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Caroline Lux Kaplan sold 30,000 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $23.85, for a total transaction of $715,500.00. Following the transaction, the insider directly owned 560,958 shares of the company’s stock, valued at $13,378,848.30. This trade represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Karen Seaberg sold 181,095 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $24.24, for a total transaction of $4,389,742.80. Following the completion of the transaction, the director directly owned 37,417 shares of the company’s stock, valued at $906,988.08. This trade represents a 82.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 334,535 shares of company stock worth $8,224,668. Insiders own 34.40% of the company’s stock.

About MGP Ingredients

MGP Ingredients, Inc (NASDAQ: MGPI) is a leading producer of distilled spirits and specialty ingredient solutions for the food, beverage and consumer products industries. Headquartered in Atchison, Kansas, the company operates two main facilities—its historic Atchison plant, founded in 1941 as Midwest Grain Products, and a modern distillery in Lawrenceburg, Indiana. MGP Ingredients supplies an array of distillation products under its beverage and ingredient segments, serving brand owners, private-label producers and co-packers worldwide.

The beverage segment features a broad portfolio of premium spirits, including bourbon and rye whiskies, vodka, gin and neutral spirits.