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ATCHISON, Kan.—Karen Seaberg, a director and significant shareholder of MGP Ingredients Inc. (NASDAQ:MGPI), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On March 10 and 11, Seaberg sold shares totaling approximately $4.99 million. The sale prices for these transactions ranged from $31.49 to $35.10 per share. The transactions come as MGPI trades near its 52-week low of $31.09, with the stock down nearly 63% over the past year. According to InvestingPro analysis, the company appears undervalued at current levels.
The transactions, conducted through various trusts and holdings, resulted in significant changes in Seaberg’s ownership. Notably, on March 11, Seaberg completed a large sale of 40,890 shares at a price of $31.49 per share, held by Cray MGP Holdings LP. Additionally, on March 10, Seaberg sold 8,703 shares at $34.51 per share through Seaberg MGP Holdings. The company maintains solid financial health with a "Good" overall score from InvestingPro, which offers comprehensive analysis through its Pro Research Report, available for over 1,400 US stocks.
In addition to the sales, Seaberg acquired shares on March 11, purchasing 5,348 shares at prices ranging from $31.51 to $32.59 per share, amounting to a total of $427,253. These purchases were executed through Seaberg MGP Holdings.
The transactions were part of a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks. This plan was adopted by Seaberg on March 12, 2024.
In other recent news, MGP Ingredients reported its fourth-quarter 2024 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $1.56, compared to the forecasted $1.50. Despite a 16% decline in consolidated sales to $180.8 million, the company demonstrated resilience by achieving a record cash flow from operations of $102.3 million for the year. However, MGP Ingredients faced a net income loss of $42 million, largely due to a significant non-cash goodwill adjustment. The company has provided guidance for 2025, expecting net sales between $520 million and $540 million, with adjusted EBITDA ranging from $105 million to $115 million. In other developments, three members of MGP Ingredients’ Board of Directors, including Donn Lux, Karen Seaberg, and Lori Mingus, plan to sell shares of the company’s common stock as part of their personal financial strategies. These sales will be conducted through pre-established Rule 10b5-1 trading plans, which are designed to avoid accusations of insider trading. Despite these planned stock sales, the directors maintain significant equity stakes in the company and express confidence in its long-term growth potential.
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