MGP Ingredients (NASDAQ:MGPI) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPIGet Rating) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $107.00 price target 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 research analysts also recently commented on MGPI. StockNews.com assumed coverage on MGP Ingredients in a research note on Thursday, March 31st. They issued a hold rating on the stock. Lake Street Capital assumed coverage on shares of MGP Ingredients in a research report on Tuesday, February 22nd. They issued a buy rating and a $100.00 price target for the company. Finally, Cowen started coverage on shares of MGP Ingredients in a research note on Friday, January 21st. They set an outperform rating and a $99.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, MGP Ingredients presently has an average rating of Buy and a consensus price target of $101.50.

MGPI opened at $102.31 on Tuesday. The firm’s 50 day simple moving average is $89.19 and its two-hundred day simple moving average is $83.03. The company has a market capitalization of $2.25 billion, a PE ratio of 20.14 and a beta of 1.14. MGP Ingredients has a 1-year low of $58.40 and a 1-year high of $102.88. The company has a current ratio of 4.68, a quick ratio of 1.61 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPIGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported $1.69 EPS for the quarter, topping the consensus estimate of $0.96 by $0.73. The firm had revenue of $195.24 million during the quarter, compared to analyst estimates of $173.60 million. MGP Ingredients had a return on equity of 17.20% and a net margin of 15.82%. MGP Ingredients’s revenue was up 80.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 EPS. Equities analysts forecast that MGP Ingredients will post 4.33 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 3rd. Shareholders of record on Friday, May 20th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend is Thursday, May 19th. MGP Ingredients’s payout ratio is currently 9.45%.

In other news, VP David E. Dykstra sold 2,500 shares of the business’s stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $88.73, for a total value of $221,825.00. Following the sale, the vice president now directly owns 15,265 shares in the company, valued at approximately $1,354,463.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Karen Seaberg sold 385 shares of the stock in a transaction dated Wednesday, March 2nd. The shares were sold at an average price of $82.87, for a total transaction of $31,904.95. The disclosure for this sale can be found here. Insiders sold 15,956 shares of company stock worth $1,403,315 over the last ninety days. Insiders own 36.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. Leeward Investments LLC MA purchased a new position in shares of MGP Ingredients during the 1st quarter worth about $13,469,000. Stephens Investment Management Group LLC boosted its holdings in MGP Ingredients by 13.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,232,322 shares of the company’s stock valued at $104,735,000 after acquiring an additional 145,113 shares during the period. Victory Capital Management Inc. increased its stake in MGP Ingredients by 2,662.9% in the fourth quarter. Victory Capital Management Inc. now owns 101,621 shares of the company’s stock worth $8,637,000 after purchasing an additional 97,943 shares during the period. Lord Abbett & CO. LLC purchased a new position in MGP Ingredients in the 1st quarter worth about $7,549,000. Finally, Nuveen Asset Management LLC grew its stake in MGP Ingredients by 25.0% in the 4th quarter. Nuveen Asset Management LLC now owns 294,784 shares of the company’s stock worth $25,054,000 after acquiring an additional 59,035 shares in the last quarter. Institutional investors own 77.38% of the company’s stock.

MGP Ingredients Company Profile (Get Rating)

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; 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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