MGP Ingredients Inc (NASDAQ:MGPI) has been given an average rating of “Hold” by the seven ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $89.00.
A number of brokerages have recently weighed in on MGPI. BidaskClub upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Saturday, September 1st. ValuEngine lowered MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Monday, August 20th.
In other news, Director George W. Page, Jr. bought 10,000 shares of the stock in a transaction dated Tuesday, August 28th. The shares were bought at an average price of $72.36 per share, for a total transaction of $723,600.00. Following the completion of the purchase, the director now owns 931 shares in the company, valued at $67,367.16. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Seaberg sold 11,175 shares of the firm’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $78.33, for a total value of $875,337.75. Following the transaction, the director now owns 11,864 shares in the company, valued at approximately $929,307.12. The disclosure for this sale can be found here. In the last quarter, insiders have bought 16,000 shares of company stock worth $1,176,250 and have sold 20,475 shares worth $1,606,841. 22.19% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Allianz Asset Management GmbH increased its stake in MGP Ingredients by 11.6% during the 1st quarter. Allianz Asset Management GmbH now owns 183,558 shares of the company’s stock worth $16,444,000 after acquiring an additional 19,091 shares during the period. Jennison Associates LLC increased its stake in MGP Ingredients by 26.4% during the 2nd quarter. Jennison Associates LLC now owns 242,756 shares of the company’s stock worth $21,559,000 after acquiring an additional 50,671 shares during the period. Rhumbline Advisers increased its stake in MGP Ingredients by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 31,088 shares of the company’s stock worth $2,761,000 after acquiring an additional 1,297 shares during the period. UBS Group AG increased its stake in MGP Ingredients by 11.5% during the 1st quarter. UBS Group AG now owns 6,492 shares of the company’s stock worth $581,000 after acquiring an additional 670 shares during the period. Finally, Prudential Financial Inc. bought a new position in MGP Ingredients during the 1st quarter worth $2,010,000. Hedge funds and other institutional investors own 98.16% of the company’s stock.
Shares of NASDAQ MGPI traded up $1.39 during trading hours on Monday, reaching $76.18. 83,100 shares of the stock were exchanged, compared to its average volume of 186,709. The firm has a market cap of $1.33 billion, a P/E ratio of 40.03 and a beta of 0.96. The company has a current ratio of 4.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.22. MGP Ingredients has a 52 week low of $61.74 and a 52 week high of $99.73.
MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, August 2nd. The company reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.03). The firm had revenue of $88.25 million for the quarter, compared to the consensus estimate of $90.65 million. MGP Ingredients had a return on equity of 18.65% and a net margin of 12.13%. MGP Ingredients’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. Analysts forecast that MGP Ingredients will post 2.1 EPS for the current year.
About MGP Ingredients
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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