Raymond James Financial Inc. Sells 51,296 Shares of MGP Ingredients, Inc. $MGPI

Key Points

• Raymond James Financial Inc. has reduced its position in MGP Ingredients, Inc. by 15.4%, lowering its stake to 282,080 shares valued at approximately $8.3 million.
• Despite recent reductions in some holdings, other investors like Deutsche Bank AG increased their stake in MGP Ingredients by 1,564.2%, now owning 214,060 shares worth about $6.3 million.
• MGP Ingredients recently shifted from a "hold" to a "sell" rating by analysts, while still having a consensus rating of "Moderate Buy" with an average target price of $50.33.

Raymond James Financial Inc. lowered its stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 282,080 shares of the company's stock after selling 51,296 shares during the quarter. Raymond James Financial Inc. owned about 1.33% of MGP Ingredients worth $8,287,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Penserra Capital Management LLC lifted its stake in MGP Ingredients by 333.3% in the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock worth $26,000 after purchasing an additional 690 shares in the last quarter. GAMMA Investing LLC raised its position in shares of MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock valued at $44,000 after buying an additional 800 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in shares of MGP Ingredients by 58.3% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company's stock valued at $79,000 after buying an additional 735 shares in the last quarter. CWM LLC raised its position in shares of MGP Ingredients by 127.4% during the 1st quarter. CWM LLC now owns 2,051 shares of the company's stock valued at $60,000 after buying an additional 1,149 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of MGP Ingredients by 1,055.2% during the 1st quarter. Signaturefd LLC now owns 2,218 shares of the company's stock valued at $65,000 after buying an additional 2,026 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Saturday, May 10th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $50.33.

MGP Ingredients Trading Up 1.7%

NASDAQ:MGPI traded up $0.50 during mid-day trading on Friday, hitting $29.19. 195,764 shares of the stock traded hands, compared to its average volume of 176,099. The stock has a market capitalization of $621.46 million, a price-to-earnings ratio of -94.16 and a beta of 0.35. MGP Ingredients, Inc. has a 52 week low of $25.12 and a 52 week high of $90.05. The firm's 50 day moving average is $29.93 and its two-hundred day moving average is $30.11. 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 issued its quarterly earnings results on Thursday, July 31st. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.64 by $0.33. The company had revenue of $145.49 million for 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 firm's revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.71 EPS. MGP Ingredients has set its FY 2025 guidance at 2.450-2.750 EPS. On average, equities research analysts predict that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, August 15th. MGP Ingredients's dividend payout ratio 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.