Royal Bank of Canada Grows Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Posted by on Mar 11th, 2023

Royal Bank of Canada raised its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) by 11.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 77,542 shares of the company’s stock after purchasing an additional 8,083 shares during the period. Royal Bank of Canada owned 0.35% of MGP Ingredients worth $8,231,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Cubist Systematic Strategies LLC increased its holdings in MGP Ingredients by 11.2% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 19,603 shares of the company’s stock worth $2,081,000 after acquiring an additional 1,975 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of MGP Ingredients by 2.5% in the third quarter. Renaissance Technologies LLC now owns 28,200 shares of the company’s stock worth $2,994,000 after purchasing an additional 700 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of MGP Ingredients by 4.6% during the 3rd quarter. Penserra Capital Management LLC now owns 2,080 shares of the company’s stock valued at $220,000 after purchasing an additional 91 shares during the period. Oberweis Asset Management Inc. lifted its stake in shares of MGP Ingredients by 194.2% during the 3rd quarter. Oberweis Asset Management Inc. now owns 21,330 shares of the company’s stock valued at $2,264,000 after buying an additional 14,080 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in MGP Ingredients by 7.9% in the 3rd quarter. Hsbc Holdings PLC now owns 6,341 shares of the company’s stock worth $676,000 after buying an additional 465 shares during the period. Institutional investors own 78.64% of the company’s stock.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $94.47 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 4.31. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 19.24 and a beta of 0.88. The firm has a fifty day moving average price of $99.12 and a 200 day moving average price of $106.97. MGP Ingredients, Inc. has a fifty-two week low of $75.87 and a fifty-two week high of $125.74.

MGP Ingredients (NASDAQ:MGPI – Get Rating) last posted its earnings results on Thursday, February 23rd. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.14. MGP Ingredients had a return on equity of 15.27% and a net margin of 13.92%. The company had revenue of $191.00 million for the quarter, compared to the consensus estimate of $183.86 million. During the same period in the previous year, the business earned $0.87 earnings per share. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that MGP Ingredients, Inc. will post 5.16 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Thursday, March 9th. MGP Ingredients’s payout ratio is 9.78%.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $97.73, for a total value of $205,233.00. Following the sale, the director now directly owns 167,308 shares in the company, valued at approximately $16,351,010.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 17,959 shares of company stock worth $1,784,339 over the last 90 days. 36.70% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Wells Fargo & Company decreased their price target on MGP Ingredients from $128.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, February 2nd.

About MGP Ingredients

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MGP Ingredients, Inc engages in the manufacture and trade of food, beverage, specialty wheat protein and starch food ingredients. It operates through the following segments: Distillery Products, Branded Spirits and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed and fuel grade alcohol.

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Institutional Ownership by Quarter for MGP Ingredients (NASDAQ:MGPI)

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