Waterfront Wealth Inc. Invests $708,000 in MGP Ingredients, Inc. $MGPI

Waterfront Wealth Inc. invested $708,000 in MGP Ingredients, Inc. by acquiring 23,626 shares in Q2. Other institutional investors also increased their stakes. MGP Ingredients reported $0.85 EPS, exceeding estimates, with revenue of $130.91 million, down 18.9% year-over-year. The company announced a quarterly dividend of $0.12 per share, with a yield of 1.9%. Analysts have set a consensus target price of $44.60, with ratings ranging from Buy to Sell.

Waterfront Wealth Inc. bought a new position in MGP Ingredients, Inc. (NASDAQ:MGPI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 23,626 shares of the company's stock, valued at approximately $708,000. Waterfront Wealth Inc. owned 0.11% of MGP Ingredients as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of MGP Ingredients by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company's stock worth $248,000 after buying an additional 390 shares during the period. Aigen Investment Management LP boosted its position in MGP Ingredients by 6.8% during the first quarter. Aigen Investment Management LP now owns 6,900 shares of the company's stock valued at $203,000 after purchasing an additional 440 shares during the last quarter. Penserra Capital Management LLC boosted its position in MGP Ingredients by 333.3% during the first quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock valued at $26,000 after purchasing an additional 690 shares during the last quarter. GAMMA Investing LLC boosted its position in MGP Ingredients by 114.8% during the first quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock valued at $44,000 after purchasing an additional 800 shares during the last quarter. Finally, 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. Institutional investors and hedge funds own 77.11% of the company's stock.

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MGP Ingredients Price Performance

NASDAQ MGPI opened at $24.69 on Thursday. MGP Ingredients, Inc. has a fifty-two week low of $23.28 and a fifty-two week high of $59.65. The stock's 50-day moving average is $26.33 and its two-hundred day moving average is $28.77. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.91 and a quick ratio of 0.79. The firm has a market cap of $525.65 million, a P/E ratio of -79.65 and a beta of 0.37.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results on Wednesday, October 29th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.23. MGP Ingredients had a positive return on equity of 10.66% and a negative net margin of 1.08%.The company had revenue of $130.91 million for the quarter, compared to analyst estimates of $128.33 million. During the same period last year, the company earned $1.29 earnings per share. The business's revenue was down 18.9% compared to the same quarter last year. MGP Ingredients has set its FY 2025 guidance at 2.600-2.750 EPS. On average, analysts anticipate that MGP Ingredients, Inc. will post 5.56 earnings per share for the current fiscal year.

MGP Ingredients Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, November 14th. MGP Ingredients's dividend payout ratio (DPR) is -154.84%.

Analysts Set New Price Targets

A number of research firms recently issued reports on MGPI. Wells Fargo & Company reduced their price objective on MGP Ingredients from $38.00 to $33.00 and set an "overweight" rating for the company in a research report on Thursday, September 25th. Weiss Ratings reissued a "sell (d)" rating on shares of MGP Ingredients in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $44.60.

Check Out Our Latest Stock Report on MGP Ingredients

About MGP Ingredients

(Free Report)

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.

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