Brokerages Set $69.00 Target Price for MGP Ingredients, Inc. (MGPI)
MGP Ingredients, Inc. (NASDAQ:MGPI) has been assigned a consensus broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company.
Brokers have set a twelve-month consensus price objective of $69.00 for the company and are forecasting that the company will post $0.35 EPS for the current quarter, according to Zacks. Zacks has also given MGP Ingredients an industry rank of 198 out of 265 based on the ratings given to its competitors.
A number of equities analysts recently commented on the company. BidaskClub upgraded MGP Ingredients from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Sidoti downgraded MGP Ingredients from a “buy” rating to a “neutral” rating in a report on Monday, May 15th. Finally, Zacks Investment Research downgraded MGP Ingredients from a “buy” rating to a “hold” rating in a report on Friday, June 30th.
In related news, Director Karen Seaberg sold 6,288 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $51.42, for a total transaction of $323,328.96. Following the completion of the transaction, the director now owns 10,591 shares in the company, valued at $544,589.22. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 13,820 shares of company stock valued at $773,123. 23.50% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in MGPI. Teachers Advisors LLC raised its holdings in shares of MGP Ingredients by 18.4% during the fourth quarter. Teachers Advisors LLC now owns 22,333 shares of the company’s stock valued at $1,116,000 after acquiring an additional 3,471 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of MGP Ingredients by 71.2% during the first quarter. Wells Fargo & Company MN now owns 31,590 shares of the company’s stock valued at $1,713,000 after acquiring an additional 13,140 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in shares of MGP Ingredients by 6.1% during the first quarter. Parametric Portfolio Associates LLC now owns 5,239 shares of the company’s stock valued at $284,000 after acquiring an additional 302 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of MGP Ingredients during the first quarter valued at approximately $656,000. Finally, Millrace Asset Group Inc. raised its holdings in shares of MGP Ingredients by 12.3% during the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock valued at $1,839,000 after acquiring an additional 3,711 shares in the last quarter. Institutional investors own 98.38% of the company’s stock.
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MGP Ingredients (NASDAQ MGPI) traded up 1.34% on Friday, reaching $59.77. 56,375 shares of the company’s stock traded hands. The firm’s 50-day moving average is $58.19 and its 200 day moving average is $53.25. MGP Ingredients has a 12 month low of $31.93 and a 12 month high of $62.00. The firm has a market cap of $999.06 million, a PE ratio of 31.21 and a beta of 1.04.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.03. The company had revenue of $85.80 million during the quarter, compared to the consensus estimate of $84.39 million. MGP Ingredients had a net margin of 9.33% and a return on equity of 21.30%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities analysts predict that MGP Ingredients will post $1.69 EPS for the current year.
The firm also recently announced a special dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a dividend yield of 0.27%. MGP Ingredients’s dividend payout ratio is presently 8.42%.
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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