Brokerages Set $69.00 Target Price for MGP Ingredients, Inc. (MGPI)
MGP Ingredients, Inc. (NASDAQ:MGPI) has earned an average broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and two have given a strong buy rating to the company.
Brokerages have set a twelve-month consensus price target of $69.00 for the company and are anticipating that the company will post $0.35 earnings per share for the current quarter, according to Zacks. Zacks has also assigned MGP Ingredients an industry rank of 182 out of 265 based on the ratings given to related companies.
MGPI has been the subject of several research analyst reports. Sidoti lowered MGP Ingredients from a “buy” rating to a “neutral” rating in a report on Friday, May 5th. Craig Hallum set a $70.00 price objective on MGP Ingredients and gave the stock a “buy” rating in a report on Saturday, May 6th. Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Wednesday, May 10th. Finally, BidaskClub lowered MGP Ingredients from a “buy” rating to a “hold” rating in a report on Saturday, July 8th.
Shares of MGP Ingredients (NASDAQ MGPI) traded up 1.62% during midday trading on Wednesday, reaching $57.58. The company’s stock had a trading volume of 200,396 shares. MGP Ingredients has a one year low of $31.93 and a one year high of $62.00. The firm has a 50-day moving average of $57.09 and a 200-day moving average of $52.38. The stock has a market cap of $962.45 million, a PE ratio of 30.07 and a beta of 1.01.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.03. MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. The firm had revenue of $85.80 million during the quarter, compared to the consensus estimate of $84.39 million. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. On average, analysts forecast that MGP Ingredients will post $1.69 EPS for the current year.
The business also recently declared a special dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be issued a dividend of $0.85 per share. This represents a yield of 0.27%. The ex-dividend date is Wednesday, August 16th. MGP Ingredients’s dividend payout ratio is presently 8.42%.
In other MGP Ingredients news, Director Karen Seaberg sold 6,598 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $60.06, for a total transaction of $396,275.88. Following the completion of the sale, the director now owns 10,591 shares of the company’s stock, valued at $636,095.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 23.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in MGPI. Neuberger Berman Group LLC raised its stake in MGP Ingredients by 106.4% in the first quarter. Neuberger Berman Group LLC now owns 1,109,583 shares of the company’s stock valued at $60,173,000 after buying an additional 571,983 shares in the last quarter. Laurion Capital Management LP bought a new stake in MGP Ingredients during the first quarter valued at about $418,000. Kornitzer Capital Management Inc. KS raised its stake in MGP Ingredients by 5.9% in the second quarter. Kornitzer Capital Management Inc. KS now owns 192,255 shares of the company’s stock valued at $9,838,000 after buying an additional 10,725 shares in the last quarter. Millrace Asset Group Inc. raised its stake in MGP Ingredients by 12.3% in the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock valued at $1,839,000 after buying an additional 3,711 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in MGP Ingredients by 4.5% in the first quarter. Stifel Financial Corp now owns 7,084 shares of the company’s stock valued at $383,000 after buying an additional 307 shares in the last quarter. 98.38% of the stock is owned by institutional investors and hedge funds.
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About MGP Ingredients
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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