MGP Ingredients (NASDAQ:MGPI) Rating Increased to Hold at StockNews.com

MGP Ingredients (NASDAQ:MGPI) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Thursday.

Separately, Wedbush reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of MGP Ingredients in a research report on Wednesday, April 10th.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $79.75 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.47 and a current ratio of 4.51. The stock’s fifty day moving average is $83.31 and its 200 day moving average is $90.27. The firm has a market capitalization of $1.76 billion, a PE ratio of 16.61, a PEG ratio of 1.14 and a beta of 0.76. MGP Ingredients has a fifty-two week low of $75.78 and a fifty-two week high of $124.96.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, February 22nd. The company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.26. The firm had revenue of $214.90 million during the quarter, compared to analysts’ expectations of $206.87 million. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 EPS. On average, sell-side analysts anticipate that MGP Ingredients will post 6.18 earnings per share for the current year.

Insider Buying and Selling at MGP Ingredients

In other news, VP Erika Lapish purchased 500 shares of the stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the acquisition, the vice president now owns 550 shares of the company’s stock, valued at $42,823. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 28.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Norden Group LLC acquired a new position in shares of MGP Ingredients during the first quarter valued at about $261,000. Congress Wealth Management LLC DE increased its position in shares of MGP Ingredients by 41.9% in the 1st quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock valued at $4,329,000 after acquiring an additional 14,843 shares during the period. Diversified Trust Co raised its stake in MGP Ingredients by 60.0% in the 1st quarter. Diversified Trust Co now owns 11,600 shares of the company’s stock worth $999,000 after acquiring an additional 4,350 shares during the last quarter. Congress Asset Management Co. MA lifted its position in MGP Ingredients by 21.7% during the 1st quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock worth $33,333,000 after acquiring an additional 68,950 shares during the period. Finally, NBC Securities Inc. grew its stake in MGP Ingredients by 21.4% during the 1st quarter. NBC Securities Inc. now owns 8,236 shares of the company’s stock valued at $719,000 after purchasing an additional 1,451 shares during the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.