Metropolitan Life Insurance Co. NY decreased its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 4.2% during the first quarter, Holdings Channel reports. The firm owned 8,029 shares of the company’s stock after selling 352 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in MGP Ingredients were worth $435,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Teachers Advisors LLC increased its position in shares of MGP Ingredients by 18.4% in the fourth quarter. Teachers Advisors LLC now owns 22,333 shares of the company’s stock valued at $1,116,000 after buying an additional 3,471 shares during the period. Conestoga Capital Advisors LLC increased its position in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock valued at $37,358,000 after buying an additional 23,207 shares during the period. Wells Fargo & Company MN increased its position in shares of MGP Ingredients by 71.2% in the first quarter. Wells Fargo & Company MN now owns 31,590 shares of the company’s stock valued at $1,713,000 after buying an additional 13,140 shares during the period. Kornitzer Capital Management Inc. KS increased its position in shares of MGP Ingredients by 230.7% in the first quarter. Kornitzer Capital Management Inc. KS now owns 181,530 shares of the company’s stock valued at $9,844,000 after buying an additional 126,630 shares during the period. Finally, NTV Asset Management LLC purchased a new position in shares of MGP Ingredients during the first quarter valued at approximately $373,000. 97.96% of the stock is owned by hedge funds and other institutional investors.

Shares of MGP Ingredients, Inc. (NASDAQ MGPI) traded down 0.27% during trading on Tuesday, hitting $59.41. 7,896 shares of the stock traded hands. MGP Ingredients, Inc. has a 12 month low of $31.93 and a 12 month high of $60.65. The stock has a market cap of $993.04 million, a PE ratio of 31.02 and a beta of 1.01. The firm’s 50-day moving average price is $55.35 and its 200-day moving average price is $51.55.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by $0.03. MGP Ingredients had a net margin of 9.33% and a return on equity of 21.30%. The company had revenue of $85.80 million for the quarter, compared to the consensus estimate of $84.39 million. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. Analysts anticipate that MGP Ingredients, Inc. will post $1.69 EPS for the current year.

The business also recently disclosed a special dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, August 16th. This represents a yield of 0.27%. MGP Ingredients’s payout ratio is 8.42%.

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Several equities analysts have recently commented on MGPI shares. Sidoti downgraded shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Friday, May 5th. Craig Hallum set a $70.00 price objective on shares of MGP Ingredients and gave the company a “buy” rating in a research note on Saturday, May 6th. Zacks Investment Research raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, May 10th. Finally, BidaskClub downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th.

In related news, Director Karen Seaberg sold 6,288 shares of MGP Ingredients stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $51.42, for a total transaction of $323,328.96. Following the completion of the sale, the director now owns 10,591 shares in the company, valued at approximately $544,589.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 23.50% of the company’s stock.

About MGP Ingredients

MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.

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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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