MGP Ingredients (MGPI) Lifted to Hold at Zacks Investment Research

MGP Ingredients (NASDAQ:MGPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday.

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 equities analysts also recently issued reports about the company. BidaskClub raised MGP Ingredients from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. ValuEngine raised MGP Ingredients from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $87.33.

Shares of NASDAQ:MGPI opened at $67.99 on Friday. The company has a market capitalization of $1.15 billion, a P/E ratio of 36.36 and a beta of 1.13. MGP Ingredients has a 52 week low of $64.06 and a 52 week 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.

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

In other news, Director Karen Seaberg sold 11,175 shares of the company’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $78.33, for a total transaction of $875,337.75. Following the transaction, the director now directly owns 11,864 shares of the company’s stock, valued at $929,307.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP K. Pigott Thomas purchased 1,000 shares of MGP Ingredients stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average cost of $65.91 per share, for a total transaction of $65,910.00. Following the completion of the transaction, the vice president now owns 31,432 shares of the company’s stock, valued at approximately $2,071,683.12. The disclosure for this purchase can be found here. Corporate insiders own 22.19% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. UBS Group AG increased its position in shares of MGP Ingredients by 11.5% during the first quarter. UBS Group AG now owns 6,492 shares of the company’s stock worth $581,000 after purchasing an additional 670 shares in the last quarter. MetLife Investment Advisors LLC grew its holdings in shares of MGP Ingredients by 12.5% during the second quarter. MetLife Investment Advisors LLC now owns 6,119 shares of the company’s stock valued at $543,000 after buying an additional 679 shares during the last quarter. BB&T Corp grew its holdings in shares of MGP Ingredients by 21.6% during the third quarter. BB&T Corp now owns 4,105 shares of the company’s stock valued at $324,000 after buying an additional 730 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of MGP Ingredients by 3.5% during the third quarter. Teachers Advisors LLC now owns 26,100 shares of the company’s stock valued at $2,061,000 after buying an additional 884 shares during the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of MGP Ingredients by 13.9% during the second quarter. Brown Advisory Inc. now owns 7,794 shares of the company’s stock valued at $692,000 after buying an additional 954 shares during the last quarter.

About MGP Ingredients

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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