MGP Ingredients, Inc. (NASDAQ:MGPI) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Friday.

Several other research analysts have also recently commented on the company. Zacks Investment Research cut MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Sidoti cut MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Monday, May 15th. Finally, Craig Hallum set a $70.00 price target on MGP Ingredients and gave the stock a “buy” rating in a research note on Saturday, May 6th.

MGP Ingredients (NASDAQ:MGPI) traded up 3.23% on Friday, hitting $54.30. The stock had a trading volume of 150,588 shares. The company’s 50 day moving average is $51.37 and its 200 day moving average is $49.69. The firm has a market cap of $907.30 million, a PE ratio of 28.43 and a beta of 0.99. MGP Ingredients has a 12-month low of $31.93 and a 12-month high of $58.00.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.04. MGP Ingredients had a return on equity of 22.54% and a net margin of 9.52%. The business had revenue of $87.20 million for the quarter, compared to analysts’ expectations of $78.36 million. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities research analysts expect that MGP Ingredients will post $1.72 EPS for the current fiscal year.

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In related news, Director Karen Seaberg sold 6,288 shares of the business’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $51.42, for a total value of $323,328.96. Following the transaction, the director now owns 10,591 shares in the company, valued at $544,589.22. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 16,152 shares of company stock worth $870,277. Insiders own 23.50% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Neuberger Berman Group LLC raised its stake in shares of 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. TimesSquare Capital Management LLC raised its stake in shares of MGP Ingredients by 60.0% in the first quarter. TimesSquare Capital Management LLC now owns 973,400 shares of the company’s stock valued at $52,787,000 after buying an additional 365,200 shares in the last quarter. Stephens Investment Management Group LLC raised its stake in shares of MGP Ingredients by 7.7% in the first quarter. Stephens Investment Management Group LLC now owns 765,067 shares of the company’s stock valued at $41,490,000 after buying an additional 54,778 shares in the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock valued at $37,358,000 after buying an additional 23,207 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of MGP Ingredients by 40.7% in the first quarter. Goldman Sachs Group Inc. now owns 603,290 shares of the company’s stock valued at $32,716,000 after buying an additional 174,473 shares in the last quarter. 97.55% of the stock is owned by hedge funds and other institutional investors.

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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