MGP Ingredients (MGPI) Rating Increased to Buy at Zacks Investment Research

MGP Ingredients (NASDAQ:MGPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $84.00 price target on the stock. Zacks Investment Research‘s price target indicates a potential upside of 8.98% from the stock’s previous close.

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. “

Other research analysts also recently issued research reports about the company. Stifel Nicolaus began coverage on MGP Ingredients in a research note on Tuesday, December 5th. They issued a “hold” rating and a $73.00 price target for the company. SunTrust Banks reaffirmed a “buy” rating on shares of MGP Ingredients in a research note on Friday, November 3rd. Finally, BidaskClub downgraded MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 9th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. MGP Ingredients has an average rating of “Buy” and an average target price of $72.25.

MGP Ingredients (NASDAQ MGPI) opened at $77.08 on Thursday. The company has a market capitalization of $1,260.88, a PE ratio of 35.52, a P/E/G ratio of 2.22 and a beta of 0.95. MGP Ingredients has a 52 week low of $41.16 and a 52 week high of $80.75. 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 posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.45. The business had revenue of $86.30 million during the quarter, compared to the consensus estimate of $83.57 million. MGP Ingredients had a return on equity of 18.70% and a net margin of 10.56%. MGP Ingredients’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.55 earnings per share. equities analysts expect that MGP Ingredients will post 2.2 EPS for the current year.

In other MGP Ingredients news, Director Karen Seaberg sold 20,000 shares of MGP Ingredients stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $73.90, for a total value of $1,478,000.00. Following the transaction, the director now owns 10,591 shares in the company, valued at $782,674.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen J. Glaser sold 5,800 shares of MGP Ingredients stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total value of $434,536.00. Following the completion of the transaction, the vice president now owns 17,080 shares in the company, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,597 shares of company stock valued at $3,885,856. 23.50% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. UBS Group AG grew its holdings in shares of MGP Ingredients by 2.0% during the first quarter. UBS Group AG now owns 7,024 shares of the company’s stock worth $381,000 after purchasing an additional 137 shares during the last quarter. NTV Asset Management LLC boosted its holdings in MGP Ingredients by 2.2% in the second quarter. NTV Asset Management LLC now owns 14,100 shares of the company’s stock valued at $411,000 after acquiring an additional 300 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in MGP Ingredients by 6.1% in 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 during the last quarter. Stifel Financial Corp boosted its holdings 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 acquiring an additional 307 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in MGP Ingredients by 17.7% in the second quarter. Victory Capital Management Inc. now owns 2,165 shares of the company’s stock valued at $111,000 after acquiring an additional 325 shares during the last quarter.

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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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