MGP Ingredients (MGPI) Upgraded to “Hold” by Zacks Investment Research
MGP Ingredients (NASDAQ:MGPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “MGP Ingredients, Inc. produces and markets ingredients and distillery products to the packaged goods industry. Its Distillery Products segment primarily offers food grade alcohol, fuel grade alcohol, and distillers feed. The company’s Ingredient Solutions segment primarily provides specialty wheat starches and proteins, commodity wheat starches, and commodity vital wheat gluten. MGP Ingredients, Inc. is headquartered in Atchison, Kansas. “
Several other analysts also recently commented on the stock. BidaskClub downgraded shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 9th. Stifel Nicolaus began coverage on shares of MGP Ingredients in a research report on Tuesday, December 5th. They set a “hold” rating and a $73.00 price objective for the company. Finally, SunTrust Banks restated a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $71.75.
Shares of MGP Ingredients (MGPI) opened at $76.30 on Thursday. MGP Ingredients has a 12-month low of $41.16 and a 12-month high of $80.75. The company has a market cap of $1,280.00, a price-to-earnings ratio of 35.00, a P/E/G ratio of 2.63 and a beta of 0.95. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.45 and a quick ratio of 1.54.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.37 by $0.45. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.70%. The firm had revenue of $86.30 million during the quarter, compared to the consensus estimate of $83.57 million. During the same quarter in the prior year, the firm earned $0.55 EPS. MGP Ingredients’s revenue for the quarter was up 8.0% on a year-over-year basis. equities analysts forecast that MGP Ingredients will post 2.2 earnings per share for the current year.
In other news, VP Stephen J. Glaser sold 5,800 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total transaction of $434,536.00. Following the transaction, the vice president now directly owns 17,080 shares of the company’s stock, valued at approximately $1,279,633.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Karen Seaberg sold 2,492 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $73.05, for a total transaction of $182,040.60. Following the transaction, the director now directly owns 10,591 shares in the company, valued at $773,672.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,597 shares of company stock valued at $3,885,856. 23.50% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in shares of MGP Ingredients by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,165 shares of the company’s stock worth $111,000 after purchasing an additional 325 shares during the period. SG Americas Securities LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth $128,000. ETF Managers Group LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth $134,000. Suntrust Banks Inc. acquired a new position in shares of MGP Ingredients during the 2nd quarter worth $208,000. Finally, Principal Financial Group Inc. grew its stake in shares of MGP Ingredients by 15.0% during the 2nd quarter. Principal Financial Group Inc. now owns 6,101 shares of the company’s stock worth $312,000 after purchasing an additional 798 shares during the period.
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MGP Ingredients Company Profile
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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