MGP Ingredients (NASDAQ:MGPI) Lifted to Hold at Zacks Investment Research

MGP Ingredients (NASDAQ:MGPIGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

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. “

MGPI has been the subject of several other reports. StockNews.com started coverage on MGP Ingredients in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Lake Street Capital initiated coverage on MGP Ingredients in a report on Tuesday, February 22nd. They issued a “buy” rating and a $100.00 target price for the company. Finally, Cowen initiated coverage on MGP Ingredients in a report on Friday, January 21st. They issued an “outperform” rating and a $99.00 target price for the company. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $96.25.

NASDAQ MGPI opened at $89.96 on Wednesday. The company has a fifty day moving average price of $85.28. MGP Ingredients has a one year low of $58.00 and a one year high of $97.61. The company has a current ratio of 4.13, a quick ratio of 1.36 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1.98 billion, a P/E ratio of 20.97 and a beta of 1.27.

MGP Ingredients (NASDAQ:MGPIGet Rating) last posted its quarterly earnings data on Thursday, February 24th. The company reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.19. MGP Ingredients had a return on equity of 16.61% and a net margin of 14.48%. The firm had revenue of $166.85 million during the quarter, compared to the consensus estimate of $155.40 million. During the same period in the prior year, the company earned $0.75 EPS. On average, research analysts predict that MGP Ingredients will post 4.03 EPS for the current fiscal year.

In other news, Director Karen Seaberg sold 3,000 shares of the stock in a transaction on Thursday, February 10th. The stock was sold at an average price of $76.84, for a total transaction of $230,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michele Lux purchased 5,000 shares of the stock in a transaction dated Monday, March 14th. The shares were acquired at an average price of $77.36 per share, with a total value of $386,800.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 12,954 shares of company stock valued at $1,089,120. 36.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Diversified Trust Co grew its holdings in shares of MGP Ingredients by 8.6% during the 1st quarter. Diversified Trust Co now owns 8,200 shares of the company’s stock worth $702,000 after purchasing an additional 650 shares during the period. Confluence Investment Management LLC purchased a new position in shares of MGP Ingredients during the 1st quarter worth $3,385,000. ZWJ Investment Counsel Inc. grew its holdings in shares of MGP Ingredients by 6.5% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 30,280 shares of the company’s stock worth $2,573,000 after purchasing an additional 1,835 shares during the period. Stephens Inc. AR grew its holdings in shares of MGP Ingredients by 1,815.2% during the 4th quarter. Stephens Inc. AR now owns 2,777 shares of the company’s stock worth $236,000 after purchasing an additional 2,632 shares during the period. Finally, Barclays PLC grew its holdings in shares of MGP Ingredients by 71.9% during the 4th quarter. Barclays PLC now owns 18,357 shares of the company’s stock worth $1,560,000 after purchasing an additional 7,681 shares during the period. Institutional investors and hedge funds own 73.69% 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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