Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a research report report published on Saturday morning, Zacks.com reports. The brokerage currently has $61.00 price objective on the stock.
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. “
Several other equities research analysts also recently weighed in on the stock. Craig Hallum reissued a buy rating and issued a $100.00 target price (down previously from $105.00) on shares of MGP Ingredients in a research note on Wednesday, July 31st. BidaskClub downgraded shares of MGP Ingredients from a buy rating to a hold rating in a research note on Tuesday, July 16th. Finally, ValuEngine cut shares of MGP Ingredients from a hold rating to a sell rating in a report on Monday, June 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. MGP Ingredients has a consensus rating of Hold and a consensus price target of $83.67.
MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.06). MGP Ingredients had a net margin of 10.00% and a return on equity of 18.75%. The firm had revenue of $90.50 million during the quarter, compared to analysts’ expectations of $91.54 million. During the same period in the prior year, the company posted $0.44 EPS. The company’s revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts forecast that MGP Ingredients will post 2.65 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Wednesday, August 14th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend is Tuesday, August 13th. MGP Ingredients’s payout ratio is presently 18.43%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Conestoga Capital Advisors LLC grew its holdings in MGP Ingredients by 2.7% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,241,064 shares of the company’s stock worth $82,295,000 after acquiring an additional 32,772 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in MGP Ingredients by 19.8% during the 1st quarter. Champlain Investment Partners LLC now owns 925,220 shares of the company’s stock worth $71,381,000 after acquiring an additional 152,810 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in MGP Ingredients by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock worth $41,840,000 after acquiring an additional 3,196 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings in MGP Ingredients by 15.8% during the 1st quarter. Stephens Investment Management Group LLC now owns 688,802 shares of the company’s stock worth $53,141,000 after acquiring an additional 93,809 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in MGP Ingredients by 11.5% during the 1st quarter. Jennison Associates LLC now owns 345,284 shares of the company’s stock worth $26,639,000 after acquiring an additional 35,579 shares in the last quarter. Hedge funds and other institutional investors 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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