Federated Hermes Inc. Acquires 480,885 Shares of MGP Ingredients, Inc. $MGPI

Federated Hermes Inc. lifted its holdings in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 183.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 743,214 shares of the company’s stock after buying an additional 480,885 shares during the period. Federated Hermes Inc.’s holdings in MGP Ingredients were worth $22,274,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MGPI. Brooklyn Investment Group boosted its position in MGP Ingredients by 2,365.7% during the first quarter. Brooklyn Investment Group now owns 863 shares of the company’s stock valued at $25,000 after purchasing an additional 828 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of MGP Ingredients by 89.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,829 shares of the company’s stock worth $85,000 after purchasing an additional 1,332 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of MGP Ingredients by 56.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,000 shares of the company’s stock valued at $88,000 after buying an additional 1,087 shares during the last quarter. CWM LLC boosted its holdings in shares of MGP Ingredients by 102.1% in the 2nd quarter. CWM LLC now owns 4,145 shares of the company’s stock valued at $124,000 after buying an additional 2,094 shares during the last quarter. Finally, AlphaQuest LLC grew its stake in shares of MGP Ingredients by 68.1% in the first quarter. AlphaQuest LLC now owns 6,350 shares of the company’s stock valued at $187,000 after buying an additional 2,572 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

Insider Buying and Selling

In other MGP Ingredients news, major shareholder Caroline Lux Kaplan sold 30,000 shares of MGP Ingredients stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $23.85, for a total value of $715,500.00. Following the completion of the sale, the insider owned 560,958 shares in the company, valued at $13,378,848.30. The trade was a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 34.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MGPI. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGP Ingredients in a research report on Wednesday, October 8th. TD Cowen dropped their target price on shares of MGP Ingredients from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, October 30th. Finally, Wells Fargo & Company cut their target price on shares of MGP Ingredients from $38.00 to $33.00 and set an “overweight” rating for the company in a research note on Thursday, September 25th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $40.00.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI opened at $24.39 on Wednesday. The firm has a market cap of $519.26 million, a P/E ratio of -36.40 and a beta of 0.39. The business’s 50 day moving average is $24.19 and its 200-day moving average is $27.47. The company has a current ratio of 2.78, a quick ratio of 0.69 and a debt-to-equity ratio of 0.31. MGP Ingredients, Inc. has a 1-year low of $21.67 and a 1-year high of $47.07.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.23. The business had revenue of $130.91 million during the quarter, compared to the consensus estimate of $128.33 million. MGP Ingredients had a positive return on equity of 9.65% and a negative net margin of 2.56%.The firm’s quarterly revenue was down 18.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 EPS. MGP Ingredients has set its FY 2025 guidance at 2.600-2.750 EPS. Equities research analysts predict that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, November 14th. MGP Ingredients’s dividend payout ratio (DPR) is currently -71.64%.

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.