Occudo Quantitative Strategies LP Purchases New Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Occudo Quantitative Strategies LP acquired a new stake in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,130 shares of the company's stock, valued at approximately $399,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after purchasing an additional 687 shares during the last quarter. Quarry LP purchased a new stake in shares of MGP Ingredients during the fourth quarter worth about $75,000. AlphaQuest LLC raised its position in shares of MGP Ingredients by 1,167.8% in the fourth quarter. AlphaQuest LLC now owns 3,778 shares of the company's stock valued at $149,000 after buying an additional 3,480 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of MGP Ingredients by 21.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company's stock valued at $223,000 after buying an additional 1,015 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in MGP Ingredients by 687.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,400 shares of the company's stock worth $252,000 after acquiring an additional 5,587 shares during the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg purchased 5,348 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $32.59 per share, with a total value of $174,291.32. Following the transaction, the director now owns 358,899 shares of the company's stock, valued at approximately $11,696,518.41. The trade was a 1.51% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Martin Roper acquired 15,000 shares of the stock in a transaction on Thursday, May 8th. The stock was purchased at an average cost of $33.10 per share, with a total value of $496,500.00. Following the transaction, the director now directly owns 18,180 shares of the company's stock, valued at $601,758. This represents a 471.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 29,417 shares of company stock worth $905,556. 36.20% of the stock is currently owned by corporate insiders.

MGP Ingredients Trading Down 2.2%

MGPI stock traded down $0.71 during trading on Wednesday, reaching $31.30. 69,776 shares of the stock traded hands, compared to its average volume of 342,329. The firm has a market capitalization of $665.71 million, a PE ratio of 6.50 and a beta of 0.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The business's 50 day moving average price is $29.74 and its 200-day moving average price is $36.00. MGP Ingredients, Inc. has a 52-week low of $25.12 and a 52-week high of $92.52.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. The business had revenue of $121.65 million during the quarter, compared to analysts' expectations of $119.14 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company's revenue for the quarter was down 28.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 EPS. As a group, sell-side analysts forecast that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, May 16th. MGP Ingredients's dividend payout ratio is presently 106.67%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Saturday, May 10th. Lake Street Capital upgraded MGP Ingredients from a "hold" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. Truist Financial decreased their price target on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Wells Fargo & Company cut their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, MGP Ingredients presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.33.

About MGP Ingredients

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.