ValuEngine upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a research report released on Tuesday.
Separately, BidaskClub raised MGP Ingredients from a hold rating to a buy rating in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $87.33.
Get MGP Ingredients alerts:MGP Ingredients stock traded down $0.18 during mid-day trading on Tuesday, hitting $74.31. The company’s stock had a trading volume of 124,687 shares, compared to its average volume of 186,121. The company has a market capitalization of $1.33 billion, a PE ratio of 39.74 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 4.70 and a debt-to-equity ratio of 0.22. MGP Ingredients has a one year low of $61.74 and a one year high of $99.73.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 2nd. The company reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.03). The business had revenue of $88.25 million during the quarter, compared to the consensus estimate of $90.65 million. MGP Ingredients had a net margin of 12.13% and a return on equity of 18.65%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.37 EPS. As a group, research analysts anticipate that MGP Ingredients will post 2.1 earnings per share for the current year.
In other news, Director Karen Seaberg sold 7,644 shares of the stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $78.69, for a total transaction of $601,506.36. Following the transaction, the director now owns 11,864 shares of the company’s stock, valued at approximately $933,578.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen J. Glaser sold 390 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $75.32, for a total value of $29,374.80. Following the transaction, the vice president now directly owns 15,405 shares in the company, valued at approximately $1,160,304.60. The disclosure for this sale can be found here. In the last three months, insiders have bought 16,000 shares of company stock worth $1,176,250 and have sold 20,475 shares worth $1,606,841. 22.19% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of MGPI. BlackRock Inc. lifted its stake in shares of MGP Ingredients by 94.9% during the 1st quarter. BlackRock Inc. now owns 1,644,720 shares of the company’s stock worth $147,350,000 after purchasing an additional 800,658 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of MGP Ingredients by 1,601.0% during the 1st quarter. Principal Financial Group Inc. now owns 103,522 shares of the company’s stock worth $9,275,000 after purchasing an additional 97,436 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of MGP Ingredients by 26.4% during the 2nd quarter. Jennison Associates LLC now owns 242,756 shares of the company’s stock worth $21,559,000 after purchasing an additional 50,671 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of MGP Ingredients by 349.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 59,018 shares of the company’s stock worth $1,093,000 after purchasing an additional 45,879 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of MGP Ingredients by 82.3% during the 1st quarter. Wells Fargo & Company MN now owns 66,784 shares of the company’s stock worth $5,983,000 after purchasing an additional 30,140 shares during the last quarter. 98.16% of the stock is currently owned by institutional investors and hedge funds.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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