Divisadero Street Capital Management LP Boosts Stake in MGP Ingredients, Inc. (NASDAQ:MGPI)

Defense World · Dec 12, 2022 05:22

Divisadero Street Capital Management LP raised its position in MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) by 27.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 80,090 shares of the company's stock after acquiring an additional 17,390 shares during the quarter. MGP Ingredients makes up 5.3% of Divisadero Street Capital Management LP's portfolio, making the stock its 4th biggest holding. Divisadero Street Capital Management LP owned 0.36% of MGP Ingredients worth $8,016,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MGPI. Teacher Retirement System of Texas lifted its holdings in MGP Ingredients by 6.5% in the first quarter. Teacher Retirement System of Texas now owns 2,720 shares of the company's stock valued at $233,000 after acquiring an additional 165 shares during the period. Swiss National Bank lifted its holdings in MGP Ingredients by 6.8% in the first quarter. Swiss National Bank now owns 31,200 shares of the company's stock valued at $2,670,000 after acquiring an additional 2,000 shares during the period. Country Club Bank GFN purchased a new stake in MGP Ingredients in the first quarter worth about $1,007,000. GSA Capital Partners LLP purchased a new stake in MGP Ingredients in the first quarter worth about $244,000. Finally, JPMorgan Chase & Co. increased its position in MGP Ingredients by 13.3% in the first quarter. JPMorgan Chase & Co. now owns 44,588 shares of the company's stock worth $3,817,000 after buying an additional 5,249 shares in the last quarter. Institutional investors own 79.27% of the company's stock.

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Insider Buying and Selling

In related news, Director Karen Seaberg sold 438 shares of the stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $108.35, for a total transaction of $47,457.30. Following the completion of the transaction, the director now directly owns 62,731 shares of the company's stock, valued at $6,796,903.85. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 4,913 shares of company stock worth $523,557. 36.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Lake Street Capital upped their price target on MGP Ingredients from $125.00 to $140.00 in a research report on Friday, November 4th. Wells Fargo & Company upped their price target on MGP Ingredients from $126.00 to $128.00 and gave the stock an "overweight" rating in a research report on Friday, November 4th. StockNews.com assumed coverage on MGP Ingredients in a research report on Wednesday, October 12th. They issued a "hold" rating for the company. Finally, Wedbush assumed coverage on MGP Ingredients in a research report on Monday, October 10th. They issued an "outperform" rating and a $125.00 price target for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $121.40.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $116.79 on Monday. The company has a current ratio of 4.37, a quick ratio of 1.64 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 12-month low of $73.02 and a 12-month high of $125.74. The stock has a 50-day moving average price of $112.37 and a 200 day moving average price of $106.83. The stock has a market capitalization of $2.57 billion, a P/E ratio of 22.04 and a beta of 0.94.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend was Thursday, November 17th. MGP Ingredients's dividend payout ratio is currently 9.06%.

MGP Ingredients Company Profile

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MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.