Federated Hermes Inc. Grows Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Key Points

• Federated Hermes Inc. increased its stake in MGP Ingredients, Inc. by 576.4% in the first quarter, acquiring a total of 262,329 shares valued at approximately $7.7 million.
• MGP Ingredients recently saw a change in analyst ratings, with Wall Street Zen lowering its rating from "hold" to "sell," while others maintain a consensus rating of "Moderate Buy" with a target price of $50.33.
• The company announced a quarterly dividend of $0.12 per share, providing an annualized yield of 1.7%, despite a high dividend payout ratio of 106.67%.

Federated Hermes Inc. grew its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 576.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 262,329 shares of the company's stock after purchasing an additional 223,548 shares during the quarter. Federated Hermes Inc. owned approximately 1.23% of MGP Ingredients worth $7,707,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of MGPI. Penserra Capital Management LLC grew its position in MGP Ingredients by 333.3% during the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock worth $26,000 after acquiring an additional 690 shares during the last quarter. GAMMA Investing LLC grew its position in MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock worth $44,000 after acquiring an additional 800 shares during the last quarter. Quarry LP bought a new position in MGP Ingredients during the 4th quarter worth approximately $75,000. Point72 Asia Singapore Pte. Ltd. grew its position in MGP Ingredients by 58.3% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock worth $79,000 after acquiring an additional 735 shares during the last quarter. Finally, CWM LLC grew its position in MGP Ingredients by 127.4% during the 1st quarter. CWM LLC now owns 2,051 shares of the company's stock worth $60,000 after acquiring an additional 1,149 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

MGP Ingredients Trading Down 1.2%

NASDAQ MGPI opened at $27.93 on Friday. MGP Ingredients, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $92.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 2.91. The stock has a 50 day simple moving average of $30.33 and a two-hundred day simple moving average of $31.10. The stock has a market cap of $594.07 million, a P/E ratio of -90.10 and a beta of 0.33.

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

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 15th. MGP Ingredients's dividend payout ratio (DPR) is presently 106.67%.

Insider Activity at MGP Ingredients

In other news, Director Martin Roper bought 15,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was bought at an average price of $33.10 per share, for a total transaction of $496,500.00. Following the purchase, the director directly owned 18,180 shares in the company, valued at $601,758. This trade represents a 471.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 34.40% of the stock is currently owned by insiders.

MGP Ingredients Company 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.

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