Raymond James Financial Services Advisors Inc. reduce shares of MGP Ingredients, Inc. (NASDAQ:MGPI)

Raymond James Financial Services Advisors Inc. reduced its holdings in MGP Ingredients, Inc. (NASDAQ:MGPI – Free Report) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 204,646 shares of the company’s stock after selling 2,282 shares during the period. Raymond James Financial Services Advisors Inc. owned approximately 0.93% of MGP Ingredients worth $15,226,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Scout Investments Inc. lifted its position in shares of MGP Ingredients by 30.5% in the first quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after purchasing an additional 20,073 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in MGP Ingredients by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 698,346 shares of the company’s stock worth $68,804,000 after buying an additional 17,967 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in MGP Ingredients by 239.2% in the first quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock worth $5,560,000 after buying an additional 45,527 shares during the period. Southernsun Asset Management LLC raised its holdings in MGP Ingredients by 8.9% during the 4th quarter. Southernsun Asset Management LLC now owns 470,661 shares of the company’s stock valued at $46,370,000 after purchasing an additional 38,404 shares in the last quarter. Finally, Congress Asset Management Co. MA grew its holdings in MGP Ingredients by 21.7% in the first quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock valued at $33,333,000 after purchasing an additional 68,950 shares during the last quarter. 77.11% of the shares are currently held by hedge funds and other institutional investors.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $88.41 on Thursday. MGP Ingredients, Inc. has a 12-month low of $68.86 and a 12-month high of $122.32. The company has a current ratio of 6.44, a quick ratio of 1.97, and a debt-to-equity ratio of 0.34. The company has a market cap of $1.95 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 1.27 and a beta of 0.59. The stock has a 50-day moving average price of $78.66 and a 200-day moving average price of $80.38.

MGP Ingredients (NASDAQ:MGPI – Get Your Free Report ) last announced its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The business had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. In the same period last year, the business posted earnings per share of $1.49. MGP Ingredients’ revenue for the quarter was down 8.7% year-over-year. As a group, equities analysts estimate that MGP Ingredients, Inc. will post 6.18 earnings per share for the current fiscal year.

MGP Ingredients announces dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 16. This represents an annualized dividend of $0.48 and a yield of 0.54%. MGP Ingredients’s dividend payout ratio (DPR) is currently 11.09%.

Changes in Analyst Ratings

MGPI has been the subject of several analyst reports. Roth Mkm restated a “buy” rating and issued a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Wedbush restated an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a research report on Monday, April 29th.

Read our latest analysis on MGPI

MGP Ingredients Company Profile

(Free Report)

MGP Ingredients, Inc, together with its subsidiaries, engages in the manufacturing 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.

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