Analysts Set $69.00 Price Target for MGP Ingredients, Inc. (MGPI)
Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have received an average broker rating score of 1.67 (Buy) from the three brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company.
Brokerages have set a one year consensus price objective of $69.00 for the company and are forecasting that the company will post $0.47 earnings per share for the current quarter, according to Zacks. Zacks has also assigned MGP Ingredients an industry rank of 102 out of 265 based on the ratings given to related companies.
Several brokerages have recently issued reports on MGPI. Zacks Investment Research upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Tuesday, October 10th. BidaskClub upgraded shares of MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th.
In related news, Director Karen Seaberg sold 6,598 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $60.06, for a total transaction of $396,275.88. Following the transaction, the director now directly owns 10,591 shares in the company, valued at approximately $636,095.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 12,837 shares of company stock worth $789,473 over the last quarter. 23.50% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of MGPI. Victory Capital Management Inc. grew its holdings in MGP Ingredients by 26.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock valued at $100,000 after purchasing an additional 388 shares during the last quarter. ETF Managers Group LLC bought a new position in MGP Ingredients during the 2nd quarter valued at about $134,000. SG Americas Securities LLC bought a new position in MGP Ingredients during the 1st quarter valued at about $186,000. Suntrust Banks Inc. bought a new position in MGP Ingredients in the 2nd quarter worth about $208,000. Finally, Aperio Group LLC bought a new position in MGP Ingredients in the 2nd quarter worth about $240,000. Institutional investors own 99.36% of the company’s stock.
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MGP Ingredients (NASDAQ MGPI) opened at $72.83 on Friday. The company has a quick ratio of 1.54, a current ratio of 4.24 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $1.17 billion, a P/E ratio of 40.47, a PEG ratio of 2.77 and a beta of 0.96.
MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.45. The firm had revenue of $86.30 million for the quarter, compared to analysts’ expectations of $83.57 million. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.87%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.55 EPS. equities research analysts predict that MGP Ingredients will post 1.69 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Tuesday, November 14th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, November 13th. This represents a $0.16 annualized dividend and a yield of 0.22%. MGP Ingredients’s payout ratio is 7.37%.
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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