MGP Ingredients (MGPI) Rating Lowered to Hold at BidaskClub

BidaskClub lowered shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a research report sent to investors on Monday.

A number of other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded MGP Ingredients from a hold rating to a strong sell rating in a research report on Wednesday, May 2nd. Stifel Nicolaus reduced their price target on MGP Ingredients from $76.00 to $73.00 and set a hold rating on the stock in a research report on Tuesday, March 6th. Sidoti raised MGP Ingredients from a neutral rating to a buy rating in a research report on Wednesday, January 31st. Finally, Craig Hallum reissued a buy rating and set a $105.00 price target (up previously from $90.00) on shares of MGP Ingredients in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $87.33.

Shares of MGP Ingredients stock traded down $0.78 on Monday, hitting $85.88. The stock had a trading volume of 3,163 shares, compared to its average volume of 191,171. MGP Ingredients has a twelve month low of $85.90 and a twelve month high of $86.84. The company has a current ratio of 4.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 46.34, a PEG ratio of 2.71 and a beta of 1.05.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Wednesday, May 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.01). The company had revenue of $88.00 million for the quarter, compared to analyst estimates of $92.80 million. MGP Ingredients had a return on equity of 18.46% and a net margin of 11.83%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 EPS. equities research analysts predict that MGP Ingredients will post 2.13 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Wednesday, May 16th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Tuesday, May 15th. MGP Ingredients’s dividend payout ratio is currently 17.11%.

In other MGP Ingredients news, VP David E. Dykstra sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $85.17, for a total value of $851,700.00. Following the sale, the vice president now owns 40,933 shares of the company’s stock, valued at approximately $3,486,263.61. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Augustus C. Griffin bought 1,000 shares of MGP Ingredients stock in a transaction on Tuesday, March 6th. The stock was acquired at an average cost of $76.33 per share, for a total transaction of $76,330.00. Following the acquisition, the chief executive officer now owns 108,084 shares in the company, valued at approximately $8,250,051.72. The disclosure for this purchase can be found here. Insiders have sold 47,595 shares of company stock worth $3,951,162 in the last three months. 22.19% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the business. Denver Investment Advisors LLC boosted its holdings in shares of MGP Ingredients by 5.5% in the 1st quarter. Denver Investment Advisors LLC now owns 12,654 shares of the company’s stock valued at $1,134,000 after purchasing an additional 657 shares in the last quarter. UBS Group AG boosted its holdings in shares of MGP Ingredients by 11.5% in the 1st quarter. UBS Group AG now owns 6,492 shares of the company’s stock valued at $581,000 after purchasing an additional 670 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of MGP Ingredients by 1.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 66,538 shares of the company’s stock valued at $5,962,000 after purchasing an additional 801 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of MGP Ingredients by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 117,978 shares of the company’s stock valued at $9,070,000 after purchasing an additional 817 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in shares of MGP Ingredients by 5.2% in the 1st quarter. Swiss National Bank now owns 20,400 shares of the company’s stock valued at $1,828,000 after purchasing an additional 1,000 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

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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