MGP Ingredients Inc (NASDAQ:MGPI) has been given an average recommendation of “Buy” by the six brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $89.00.
MGPI has been the topic of several recent research reports. BidaskClub cut shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 9th. Sidoti raised shares of MGP Ingredients from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Craig Hallum reissued a “buy” rating and issued a $105.00 price objective (up from $90.00) on shares of MGP Ingredients in a research note on Monday, January 29th. Zacks Investment Research raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research note on Thursday, January 18th. Finally, Stifel Nicolaus initiated coverage on shares of MGP Ingredients in a research note on Tuesday, December 5th. They issued a “hold” rating and a $73.00 price objective on the stock.
Shares of MGPI stock traded up $4.96 during trading on Thursday, hitting $85.32. 855,244 shares of the stock were exchanged, compared to its average volume of 165,244. The firm has a market cap of $1,401.49, a PE ratio of 46.35, a price-to-earnings-growth ratio of 2.60 and a beta of 1.09. MGP Ingredients has a fifty-two week low of $47.64 and a fifty-two week high of $90.34. The company has a quick ratio of 1.00, a current ratio of 3.24 and a debt-to-equity ratio of 0.14.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 9th will be paid a $0.08 dividend. This is a boost from MGP Ingredients’s previous quarterly dividend of $0.04. This represents a $0.32 annualized dividend and a yield of 0.38%. The ex-dividend date is Thursday, March 8th. MGP Ingredients’s payout ratio is currently 13.17%.
In other news, CEO Augustus C. Griffin acquired 1,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were bought at an average cost of $76.33 per share, with a total value of $76,330.00. Following the purchase, the chief executive officer now owns 108,084 shares of the company’s stock, valued at approximately $8,250,051.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen Seaberg sold 7,270 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $82.14, for a total transaction of $597,157.80. Following the completion of the transaction, the director now directly owns 10,934 shares in the company, valued at $898,118.76. The disclosure for this sale can be found here. Insiders sold a total of 29,170 shares of company stock worth $2,350,545 over the last three months. 23.50% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its position in shares of MGP Ingredients by 13.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 142,994 shares of the company’s stock worth $8,669,000 after purchasing an additional 16,604 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of MGP Ingredients by 108.7% during the 3rd quarter. New York State Common Retirement Fund now owns 29,634 shares of the company’s stock worth $1,797,000 after purchasing an additional 15,434 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter worth $272,000. California Public Employees Retirement System boosted its position in shares of MGP Ingredients by 10.8% during the 4th quarter. California Public Employees Retirement System now owns 44,061 shares of the company’s stock worth $3,387,000 after purchasing an additional 4,300 shares in the last quarter. Finally, EAM Investors LLC boosted its position in shares of MGP Ingredients by 75.9% during the 3rd quarter. EAM Investors LLC now owns 40,654 shares of the company’s stock worth $2,465,000 after purchasing an additional 17,545 shares in the last quarter. Institutional investors own 95.31% of the company’s stock.
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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