Blair William & Co. IL Takes Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Key Points

• Blair William & Co. IL has made a new investment of $332,000 in MGP Ingredients, acquiring approximately 11,315 shares of the company during the first quarter.
• Several institutional investors have increased their stakes in MGP Ingredients, with Penserra Capital Management boosting holdings by 333.3% and GAMMA Investing LLC increasing its position by 114.8%.
• Research analysts currently have a Moderate Buy average rating for MGP Ingredients, with a price target of $50.33, despite some reports recommending a sell rating.

Blair William & Co. IL purchased a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 11,315 shares of the company's stock, valued at approximately $332,000. Blair William & Co. IL owned approximately 0.05% of MGP Ingredients at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MGPI. JPMorgan Chase & Co. lifted its stake in MGP Ingredients by 101.7% in the 4th quarter. JPMorgan Chase & Co. now owns 130,546 shares of the company's stock valued at $5,140,000 after purchasing an additional 65,823 shares during the last quarter. Alliancebernstein L.P. lifted its stake in MGP Ingredients by 114.0% in the 4th quarter. Alliancebernstein L.P. now owns 46,542 shares of the company's stock valued at $1,832,000 after purchasing an additional 24,791 shares during the last quarter. Federated Hermes Inc. bought a new position in MGP Ingredients in the 4th quarter valued at approximately $1,527,000. Invesco Ltd. lifted its stake in MGP Ingredients by 60.4% in the 4th quarter. Invesco Ltd. now owns 85,634 shares of the company's stock valued at $3,371,000 after purchasing an additional 32,252 shares during the last quarter. Finally, Mariner LLC lifted its stake in MGP Ingredients by 24.3% in the 4th quarter. Mariner LLC now owns 67,374 shares of the company's stock valued at $2,653,000 after purchasing an additional 13,189 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Truist Financial dropped their price objective on shares of MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Wall Street Zen downgraded shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, MGP Ingredients has an average rating of "Moderate Buy" and an average target price of $50.33.

MGP Ingredients Trading Up 1.3%

Shares of MGPI stock traded up $0.37 during trading hours on Friday, hitting $28.78. 168,173 shares of the company's stock traded hands, compared to its average volume of 217,069. The stock's 50 day simple moving average is $30.03 and its 200 day simple moving average is $30.55. The stock has a market cap of $612.73 million, a PE ratio of -92.84 and a beta of 0.33. MGP Ingredients, Inc. has a 12 month low of $25.12 and a 12 month high of $92.52. The company has a quick ratio of 0.79, a current ratio of 2.91 and a debt-to-equity ratio of 0.35.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.33. The firm had revenue of $145.49 million during the quarter, compared to the consensus estimate of $138.70 million. MGP Ingredients had a negative net margin of 1.08% and a positive return on equity of 10.66%. The company's revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.71 earnings per share. On average, sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.48 annualized dividend and a dividend yield of 1.7%. MGP Ingredients's dividend payout ratio (DPR) is presently -154.84%.

MGP Ingredients 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.