MGP Ingredients (MGPI) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a research report report published on Friday morning.

A number of other equities analysts have also recently commented on MGPI. ValuEngine cut shares of MGP Ingredients from a strong-buy rating to a buy rating in a research note on Thursday, July 19th. Zacks Investment Research cut shares of MGP Ingredients from a hold rating to a sell rating in a research note on Wednesday, November 7th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. MGP Ingredients presently has an average rating of Hold and a consensus price target of $87.33.

Shares of MGP Ingredients stock traded up $2.78 during trading hours on Friday, reaching $71.41. The company’s stock had a trading volume of 169,008 shares, compared to its average volume of 197,669. MGP Ingredients has a one year low of $64.06 and a one year high of $99.73. The company has a quick ratio of 1.69, a current ratio of 5.07 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.18 billion, a PE ratio of 38.19 and a beta of 1.13.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, November 1st. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. MGP Ingredients had a net margin of 10.48% and a return on equity of 19.23%. The firm had revenue of $95.00 million during the quarter, compared to analysts’ expectations of $93.08 million. During the same period in the previous year, the company earned $0.82 EPS. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, sell-side analysts expect that MGP Ingredients will post 2.03 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $0.32 annualized dividend and a yield of 0.45%. MGP Ingredients’s dividend payout ratio (DPR) is 17.11%.

In related news, Director George W. Page, Jr. acquired 10,000 shares of the stock in a transaction on Tuesday, August 28th. The stock was bought at an average cost of $72.36 per share, with a total value of $723,600.00. Following the transaction, the director now directly owns 931 shares in the company, valued at $67,367.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Seaberg sold 11,175 shares of the business’s stock in a transaction dated Tuesday, September 25th. The shares were sold at an average price of $78.33, for a total transaction of $875,337.75. Following the completion of the sale, the director now directly owns 11,864 shares of the company’s stock, valued at $929,307.12. The disclosure for this sale can be found here. 22.19% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. TIAA CREF Investment Management LLC boosted its position in MGP Ingredients by 71.7% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 50,137 shares of the company’s stock valued at $3,960,000 after buying an additional 20,933 shares during the period. Teachers Advisors LLC raised its holdings in shares of MGP Ingredients by 3.5% in the 3rd quarter. Teachers Advisors LLC now owns 26,100 shares of the company’s stock valued at $2,061,000 after purchasing an additional 884 shares in the last quarter. HRT Financial LLC bought a new stake in shares of MGP Ingredients in the 3rd quarter valued at about $374,000. DF Dent & Co. Inc. raised its holdings in shares of MGP Ingredients by 27.9% in the 3rd quarter. DF Dent & Co. Inc. now owns 13,585 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,963 shares in the last quarter. Finally, MetLife Investment Advisors LLC raised its holdings in shares of MGP Ingredients by 55.4% in the 3rd quarter. MetLife Investment Advisors LLC now owns 9,506 shares of the company’s stock valued at $751,000 after purchasing an additional 3,387 shares in the last quarter. 98.10% of the stock is owned by institutional investors.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.

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