MGP Ingredients’ (MGPI) “Outperform” Rating Reiterated at Wedbush

MGP Ingredients (NASDAQ:MGPI)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a note issued to investors on Monday, Benzinga reports. They currently have a $120.00 price objective on the stock. Wedbush’s price target points to a potential upside of 48.99% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on MGPI. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday. Roth Mkm cut their price target on shares of MGP Ingredients from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday.

MGP Ingredients Trading Up 1.7 %

NASDAQ MGPI opened at $80.54 on Monday. The firm has a market capitalization of $1.77 billion, a PE ratio of 16.78, a P/E/G ratio of 1.19 and a beta of 0.76. The stock’s 50 day moving average is $82.46 and its 200 day moving average is $89.39. MGP Ingredients has a twelve month low of $75.78 and a twelve month high of $124.96. The company has a quick ratio of 1.47, a current ratio of 4.51 and a debt-to-equity ratio of 0.33.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, February 22nd. The company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.26. The business had revenue of $214.90 million during the quarter, compared to the consensus estimate of $206.87 million. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.01 earnings per share. Research analysts forecast that MGP Ingredients will post 6.18 earnings per share for the current fiscal year.

Insider Activity at MGP Ingredients

In other news, VP Erika Lapish purchased 500 shares of the business’s stock in a transaction on Monday, February 26th. The stock was acquired at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the purchase, the vice president now directly owns 550 shares in the company, valued at approximately $42,823. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 36.20% of the stock is owned by insiders.

Institutional Trading of MGP Ingredients

Several institutional investors and hedge funds have recently modified their holdings of MGPI. Mariner LLC boosted its position in shares of MGP Ingredients by 0.3% during the 3rd quarter. Mariner LLC now owns 54,569 shares of the company’s stock valued at $5,756,000 after acquiring an additional 142 shares during the last quarter. KLR Investment Advisors LLC increased its holdings in shares of MGP Ingredients by 5.8% in the 3rd quarter. KLR Investment Advisors LLC now owns 2,911 shares of the company’s stock worth $282,000 after buying an additional 159 shares during the last quarter. Cerity Partners LLC raised its position in shares of MGP Ingredients by 9.3% during the 4th quarter. Cerity Partners LLC now owns 2,186 shares of the company’s stock valued at $215,000 after buying an additional 186 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of MGP Ingredients by 2.2% in the 4th quarter. Illinois Municipal Retirement Fund now owns 9,366 shares of the company’s stock valued at $923,000 after acquiring an additional 206 shares during the last quarter. Finally, Assetmark Inc. grew its position in MGP Ingredients by 3.0% in the third quarter. Assetmark Inc. now owns 8,662 shares of the company’s stock worth $914,000 after acquiring an additional 254 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.