BidaskClub Downgrades MGP Ingredients (MGPI) to Sell

MGP Ingredients (NASDAQ:MGPI) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Several other equities analysts have also recently commented on MGPI. ValuEngine cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Monday, August 20th. Zacks Investment Research cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Wednesday, November 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $87.33.

Shares of NASDAQ MGPI opened at $67.63 on Tuesday. MGP Ingredients has a fifty-two week low of $64.06 and a fifty-two week high of $99.73. The company has a current ratio of 5.07, a quick ratio of 1.69 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $1.15 billion, a P/E ratio of 36.17 and a beta of 1.17.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, November 1st. The company reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $93.08 million. During the same quarter last year, the firm earned $0.82 EPS. The company’s quarterly revenue 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 year.

In other news, Director Karen Seaberg sold 7,644 shares of the business’s stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $78.69, for a total transaction of $601,506.36. Following the completion of the transaction, the director now directly owns 11,864 shares in the company, valued at approximately $933,578.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 purchased at an average price of $65.91 per share, with a total value of $65,910.00. Following the completion of the transaction, the vice president now directly owns 31,432 shares in the company, valued at $2,071,683.12. The disclosure for this purchase can be found here. 22.19% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC grew its position in shares of MGP Ingredients by 12.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 6,119 shares of the company’s stock valued at $543,000 after purchasing an additional 679 shares in the last quarter. BB&T Corp grew its position in shares of MGP Ingredients by 21.6% during the 3rd quarter. BB&T Corp now owns 4,105 shares of the company’s stock valued at $324,000 after purchasing an additional 730 shares in the last quarter. Teachers Advisors LLC grew its position in shares of MGP Ingredients by 3.5% during 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. Brown Advisory Inc. grew its position in shares of MGP Ingredients by 13.9% during the 2nd quarter. Brown Advisory Inc. now owns 7,794 shares of the company’s stock valued at $692,000 after purchasing an additional 954 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan grew its position in shares of MGP Ingredients by 20.0% during the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 6,000 shares of the company’s stock valued at $474,000 after purchasing an additional 1,000 shares in the last quarter.

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.

Featured Article: What is a Stop Order?

Receive News & Ratings for MGP Ingredients Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGP Ingredients and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit