Teton Advisors Inc. Lowers Position in MGP Ingredients Inc (MGPI)
Teton Advisors Inc. trimmed its holdings in MGP Ingredients Inc (NASDAQ:MGPI) by 8.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 65,900 shares of the company’s stock after selling 6,000 shares during the period. Teton Advisors Inc.’s holdings in MGP Ingredients were worth $5,066,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in MGP Ingredients in the 3rd quarter valued at about $128,000. ETF Managers Group LLC acquired a new stake in MGP Ingredients in the 2nd quarter valued at about $134,000. Suntrust Banks Inc. acquired a new stake in MGP Ingredients in the 2nd quarter valued at about $208,000. Acadian Asset Management LLC acquired a new stake in MGP Ingredients in the 4th quarter valued at about $272,000. Finally, Principal Financial Group Inc. grew its stake in MGP Ingredients by 15.0% in the 2nd quarter. Principal Financial Group Inc. now owns 6,101 shares of the company’s stock valued at $312,000 after acquiring an additional 798 shares during the last quarter. 99.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently commented on MGPI. Craig Hallum reissued a “buy” rating and issued a $105.00 price objective (up from $90.00) on shares of MGP Ingredients in a research note on Monday, January 29th. Zacks Investment Research raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research note on Thursday, January 18th. Stifel Nicolaus began coverage on shares of MGP Ingredients in a research note on Tuesday, December 5th. They issued a “hold” rating and a $73.00 price objective on the stock. SunTrust Banks reissued a “buy” rating on shares of MGP Ingredients in a research note on Friday, November 3rd. Finally, BidaskClub cut shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $81.00.
MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.45. The company had revenue of $86.30 million for the quarter, compared to analyst estimates of $83.57 million. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.70%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.55 EPS. equities research analysts predict that MGP Ingredients Inc will post 2.2 earnings per share for the current year.
In other MGP Ingredients news, Director Karen Seaberg sold 20,000 shares of the company’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $73.90, for a total value of $1,478,000.00. Following the transaction, the director now directly owns 10,591 shares in the company, valued at approximately $782,674.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Stephen J. Glaser sold 5,800 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total transaction of $434,536.00. Following the completion of the transaction, the vice president now owns 17,080 shares in the company, valued at $1,279,633.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,800 shares of company stock worth $3,364,136. 23.50% of the stock is owned by insiders.
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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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