Federated Hermes Inc. Makes New Investment in MGP Ingredients, Inc. (NASDAQ:MGPI)

Federated Hermes Inc. acquired a new position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 38,781 shares of the company's stock, valued at approximately $1,527,000. Federated Hermes Inc. owned 0.18% of MGP Ingredients at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in shares of MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after purchasing an additional 431 shares during the period. Versant Capital Management Inc lifted its position in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after buying an additional 460 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after buying an additional 687 shares during the period. AlphaQuest LLC increased 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 worth $149,000 after acquiring an additional 3,480 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in shares of MGP Ingredients in the third quarter worth $235,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Stock Up 4.3 %

MGPI traded up $1.16 on Friday, reaching $27.90. The company's stock had a trading volume of 315,195 shares, compared to its average volume of 324,427. MGP Ingredients, Inc. has a 1 year low of $25.12 and a 1 year high of $92.52. The business's 50 day moving average is $30.37 and its 200 day moving average is $41.92. 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 stock has a market cap of $593.43 million, a price-to-earnings ratio of 5.80 and a beta of 0.61.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Friday, March 14th. MGP Ingredients's dividend payout ratio (DPR) is currently 31.79%.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $30.82, for a total transaction of $872,329.28. Following the transaction, the director now directly owns 283,569 shares in the company, valued at $8,739,596.58. This represents a 9.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 36.20% of the company's stock.

Wall Street Analyst Weigh In

MGPI has been the subject of a number of research reports. Lake Street Capital raised shares of MGP Ingredients from a "hold" rating to a "buy" rating and decreased their price target for the stock from $55.00 to $45.00 in a research report on Thursday, February 27th. StockNews.com downgraded MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. Roth Mkm dropped their target price on MGP Ingredients from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, December 23rd. Finally, Wells Fargo & Company decreased their price target on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $66.00.

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.