Hatteras Funds Lp Lowers stake in MGP Ingredients Inc (MGPI)

MGP Ingredients Inc (MGPI) : Hatteras Funds Lp reduced its stake in MGP Ingredients Inc by 32.68% during the most recent quarter end. The investment management company now holds a total of 25,230 shares of MGP Ingredients Inc which is valued at $1,107,092 after selling 12,250 shares in MGP Ingredients Inc , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.MGP Ingredients Inc makes up approximately 3.72% of Hatteras Funds Lp’s portfolio.

Other Hedge Funds, Including , Allianz Asset Management Ag boosted its stake in MGPI in the latest quarter, The investment management firm added 40,736 additional shares and now holds a total of 93,992 shares of MGP Ingredients Inc which is valued at $4,124,369. MGP Ingredients Inc makes up approx 0.01% of Allianz Asset Management Ag’s portfolio.Alliancebernstein reduced its stake in MGPI by selling 2,400 shares or 15.69% in the most recent quarter. The Hedge Fund company now holds 12,900 shares of MGPI which is valued at $529,674.Advisors Asset Management reduced its stake in MGPI by selling 6,222 shares or 26.74% in the most recent quarter. The Hedge Fund company now holds 17,047 shares of MGPI which is valued at $590,167. MGP Ingredients Inc makes up approx 0.01% of Advisors Asset Management’s portfolio.Pembroke Management Ltd reduced its stake in MGPI by selling 138,900 shares or 24.56% in the most recent quarter. The Hedge Fund company now holds 426,565 shares of MGPI which is valued at $14,976,697. MGP Ingredients Inc makes up approx 1.72% of Pembroke Management Ltd’s portfolio.

MGP Ingredients Inc opened for trading at $46.83 and hit $47.87 on the upside on Monday, eventually ending the session at $47.76, with a gain of 2.38% or 1.11 points. The heightened volatility saw the trading volume jump to 1,62,412 shares. Company has a market cap of $796 M.

On the company’s financial health, MGP Ingredients Inc reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.24 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.31. The company had revenue of $83.70 million for the quarter, compared to analysts expectations of $86.66 million. The company’s revenue was down -.2 % compared to the same quarter last year.

MGP Ingredients Inc. is a holding company with no operations of its own. The Company’s principal directly-owned operating subsidiaries are MGPI Processing Inc. and MGPI of Indiana LLC (MGPI-I). The Company through its subsidiaries produces distillery and ingredient products which are derived from corn rye and barley and wheat flour primarily to serve the packaged goods industry. The Company had two segments: distillery products and ingredient solutions. The distillery products segment consists of food grade alcohol along with fuel grade alcohol distillers feed and corn oil which are co-products of its distillery operations. Ingredient solutions segment consist of specialty starches and proteins commodity starch and vital wheat gluten (commodity protein).

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