Penserra Capital Management LLC Boosts Holdings in MGP Ingredients, Inc. (NASDAQ:MGPI)

Penserra Capital Management LLC boosted its position in MGP Ingredients, Inc. (NASDAQ:MGPI) by 333.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 897 shares of the company’s stock after purchasing an additional 690 shares during the quarter. Penserra Capital Management LLC’s holdings in MGP Ingredients were worth $26,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. lifted 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 worth $75,000 after purchasing an additional 687 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in MGP Ingredients by 58.3% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after purchasing an additional 735 shares in the last quarter. GAMMA Investing LLC lifted its stake in MGP Ingredients by 114.8% in the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company’s stock worth $44,000 after purchasing an additional 800 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of MGP Ingredients by 21.8% during the 4th 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 in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of MGP Ingredients by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 70,133 shares of the company’s stock valued at $2,061,000 after buying an additional 1,499 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Martin Roper acquired 15,000 shares of the firm’s stock in a transaction on Thursday, May 8th. The shares were purchased at an average price of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the transaction, the director owned 18,180 shares of the company’s stock, valued at $601,758. The trade was a 471.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 34.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MGPI shares. Wall Street Zen cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Saturday, May 10th. Wells Fargo & Company lowered their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Finally, Truist Financial lowered their price objective on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.33.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $31.06 on Friday. The stock has a market cap of $660.71 million, a PE ratio of 69.02 and a beta of 0.32. The company’s fifty day moving average is $30.87 and its 200 day moving average is $31.88. MGP Ingredients, Inc. has a 52 week low of $25.12 and a 52 week high of $92.52. The company has a quick ratio of 0.76, a current ratio of 2.83 and a debt-to-equity ratio of 0.35.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $121.65 million for the quarter, compared to analysts’ expectations of $119.14 million. MGP Ingredients had a net margin of 1.66% and a return on equity of 12.48%. The firm’s revenue was down 28.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS. Research analysts anticipate that MGP Ingredients, Inc. will post 5.56 earnings per share for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients’s payout ratio is 106.67%.

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.