MGP Ingredients (NASDAQ:MGPI) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Monday.
A number of other analysts have also issued reports on MGPI. Zacks Investment Research lowered MGP Ingredients from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 2nd. BidaskClub raised MGP Ingredients from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $87.33.
Shares of MGPI stock opened at $73.05 on Monday. 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 twelve month low of $55.04 and a twelve month high of $99.73. The company has a market capitalization of $1.26 billion, a P/E ratio of 39.06, a P/E/G ratio of 2.38 and a beta of 1.10.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data 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). MGP Ingredients had a net margin of 12.13% and a return on equity of 18.65%. The company had revenue of $88.25 million during the quarter, compared to the consensus estimate of $90.65 million. During the same period in the previous year, the business posted $0.37 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. research analysts forecast that MGP Ingredients will post 2.1 EPS for the current year.
In other MGP Ingredients news, VP Stephen J. Glaser sold 390 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $75.32, for a total value of $29,374.80. Following the sale, the vice president now owns 15,405 shares of the company’s stock, valued at approximately $1,160,304.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Augustus C. Griffin bought 1,000 shares of the stock in a transaction on Tuesday, August 7th. The stock was acquired at an average cost of $75.05 per share, for a total transaction of $75,050.00. Following the acquisition, the insider now directly owns 120,775 shares in the company, valued at $9,064,163.75. The disclosure for this purchase can be found here. Insiders sold a total of 92,057 shares of company stock worth $8,122,716 in the last ninety days. Insiders own 22.19% of the company’s stock.
Several large investors have recently made changes to their positions in MGPI. Deutsche Bank AG grew its holdings in shares of MGP Ingredients by 134.1% during the 4th quarter. Deutsche Bank AG now owns 28,546 shares of the company’s stock worth $2,193,000 after purchasing an additional 16,352 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of MGP Ingredients during the 4th quarter worth approximately $219,000. MetLife Investment Advisors LLC acquired a new stake in shares of MGP Ingredients during the 4th quarter worth approximately $418,000. NJ State Employees Deferred Compensation Plan acquired a new stake in shares of MGP Ingredients during the 1st quarter worth approximately $448,000. Finally, Wells Fargo & Company MN grew its holdings in shares of MGP Ingredients by 82.3% during the 1st quarter. Wells Fargo & Company MN now owns 66,784 shares of the company’s stock worth $5,983,000 after purchasing an additional 30,140 shares in the last quarter. 99.36% of the stock is currently owned by institutional investors.
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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