BidaskClub upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a report issued on Wednesday morning.
MGPI has been the topic of several other reports. ValuEngine upgraded MGP Ingredients from a buy rating to a strong-buy rating in a research report on Saturday, June 2nd. Zacks Investment Research downgraded MGP Ingredients from a hold rating to a strong sell rating in a research report on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $87.33.
MGPI stock opened at $75.07 on Wednesday. The firm has a market capitalization of $1.30 billion, a PE ratio of 40.14, a PEG ratio of 2.45 and a beta of 1.10. MGP Ingredients has a 1 year low of $55.04 and a 1 year high of $99.73. 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 (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, August 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.03). The firm had revenue of $88.25 million during the quarter, compared to analysts’ expectations of $90.65 million. MGP Ingredients had a return on equity of 18.65% and a net margin of 12.13%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business earned $0.37 earnings per share. equities research analysts expect that MGP Ingredients will post 2.1 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Thursday, August 16th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, August 15th. This represents a $0.32 annualized dividend and a yield of 0.43%. MGP Ingredients’s dividend payout ratio (DPR) is presently 17.11%.
In related news, Director Karen Seaberg sold 4,611 shares of MGP Ingredients stock in a transaction on Thursday, June 28th. The stock was sold at an average price of $89.56, for a total transaction of $412,961.16. Following the transaction, the director now directly owns 11,864 shares in the company, valued at $1,062,539.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David E. Dykstra sold 5,000 shares of MGP Ingredients stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $90.63, for a total value of $453,150.00. Following the transaction, the vice president now owns 29,033 shares in the company, valued at $2,631,260.79. The disclosure for this sale can be found here. Insiders have sold 92,057 shares of company stock worth $8,122,716 over the last quarter. 22.19% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGPI. Deutsche Bank AG lifted its position in MGP Ingredients by 134.1% during the fourth quarter. Deutsche Bank AG now owns 28,546 shares of the company’s stock valued at $2,193,000 after purchasing an additional 16,352 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of MGP Ingredients in the fourth quarter valued at about $349,000. Millennium Management LLC purchased a new position in shares of MGP Ingredients in the fourth quarter valued at about $219,000. MetLife Investment Advisors LLC purchased a new position in shares of MGP Ingredients in the fourth quarter valued at about $418,000. Finally, NJ State Employees Deferred Compensation Plan purchased a new position in shares of MGP Ingredients in the first quarter valued at about $448,000. Institutional investors own 98.14% of the company’s stock.
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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