MGP Ingredients (MGPI) Rating Increased to Buy at BidaskClub

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MGP Ingredients (NASDAQ:MGPI) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

MGPI has been the topic of several other research reports. SunTrust Banks lowered their price target on MGP Ingredients to $90.00 and set a “buy” rating on the stock in a report on Thursday, December 13th. Zacks Investment Research upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Wednesday, December 12th. Finally, ValuEngine upgraded MGP Ingredients from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. MGP Ingredients has a consensus rating of “Buy” and a consensus price target of $89.33.

Shares of MGPI stock opened at $69.41 on Tuesday. MGP Ingredients has a 12 month low of $53.66 and a 12 month high of $99.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.69 and a current ratio of 5.07. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 37.12 and a beta of 1.33.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, November 1st. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. MGP Ingredients had a return on equity of 19.23% and a net margin of 10.48%. The company had revenue of $95.00 million for the quarter, compared to the consensus estimate of $93.08 million. During the same quarter last year, the company posted $0.82 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, sell-side analysts anticipate that MGP Ingredients will post 2.09 earnings per share for the current fiscal year.

In related news, insider Augustus C. Griffin purchased 2,000 shares of the stock in a transaction on Friday, December 14th. The shares were bought at an average price of $55.50 per share, for a total transaction of $111,000.00. Following the completion of the acquisition, the insider now directly owns 122,775 shares in the company, valued at approximately $6,814,012.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP K. Pigott Thomas acquired 1,000 shares of the stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $65.91 per share, for a total transaction of $65,910.00. Following the purchase, 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. In the last quarter, insiders have acquired 3,425 shares of company stock worth $200,710. Corporate insiders own 22.19% of the company’s stock.

Several institutional investors have recently made changes to their positions in MGPI. Schwab Charles Investment Management Inc. grew its stake in shares of MGP Ingredients by 2.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,359 shares of the company’s stock worth $6,071,000 after acquiring an additional 1,821 shares during the last quarter. BlackRock Inc. grew its stake in shares of MGP Ingredients by 8.4% in the second quarter. BlackRock Inc. now owns 1,782,058 shares of the company’s stock worth $158,264,000 after acquiring an additional 137,338 shares during the last quarter. Legal & General Group Plc grew its stake in shares of MGP Ingredients by 9.0% in the second quarter. Legal & General Group Plc now owns 25,169 shares of the company’s stock worth $2,251,000 after acquiring an additional 2,076 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of MGP Ingredients by 1,684.3% in the second quarter. PNC Financial Services Group Inc. now owns 2,052 shares of the company’s stock worth $182,000 after acquiring an additional 1,937 shares during the last quarter. Finally, MetLife Investment Advisors LLC grew its stake in shares of MGP Ingredients by 12.5% in the second quarter. MetLife Investment Advisors LLC now owns 6,119 shares of the company’s stock worth $543,000 after acquiring an additional 679 shares during the last quarter. Institutional investors and hedge funds own 98.10% of the company’s stock.

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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