Hotchkis & Wiley Capital Management LLC Purchases Shares of 77,220 MGP Ingredients, Inc. (NASDAQ:MGPI)

Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 77,220 shares of the company’s stock, valued at approximately $6,429,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA acquired a new stake in shares of MGP Ingredients in the second quarter worth $22,028,000. Ariel Investments LLC grew its stake in shares of MGP Ingredients by 92.7% in the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock worth $38,375,000 after acquiring an additional 248,076 shares during the last quarter. FMR LLC lifted its position in MGP Ingredients by 14.2% in the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after purchasing an additional 137,292 shares during the period. Rice Hall James & Associates LLC bought a new position in MGP Ingredients in the third quarter worth $6,545,000. Finally, Congress Asset Management Co. lifted its position in MGP Ingredients by 18.6% in the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after purchasing an additional 76,835 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

MGP Ingredients Stock Up 1.0 %

MGPI stock opened at $46.27 on Friday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $1.02 billion, a PE ratio of 9.62, a PEG ratio of 0.74 and a beta of 0.63. MGP Ingredients, Inc. has a 1-year low of $43.48 and a 1-year high of $102.42. The business’s 50 day simple moving average is $59.40 and its 200 day simple moving average is $72.94.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm’s revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 EPS. As a group, research analysts anticipate that MGP Ingredients, Inc. will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio is 9.98%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. Finally, Roth Mkm cut their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $76.67.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 36.20% of the company’s stock.

MGP Ingredients Company Profile

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.