MGP Ingredients, Inc. (NASDAQ:MGPI) has received a consensus broker rating score of 1.67 (Buy) from the three brokers that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company.
Brokers have set a 1-year consensus price target of $69.00 for the company and are anticipating that the company will post $0.35 EPS for the current quarter, according to Zacks. Zacks has also given MGP Ingredients an industry rank of 94 out of 265 based on the ratings given to its competitors.
A number of research analysts have recently issued reports on the stock. BidaskClub upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating in a report on Friday, July 14th. Zacks Investment Research upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, October 10th.
In other MGP Ingredients news, Director Karen Seaberg sold 5,305 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $64.03, for a total value of $339,679.15. Following the transaction, the director now directly owns 10,591 shares in the company, valued at $678,141.73. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 12,837 shares of company stock worth $789,473. 23.50% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. Victory Capital Management Inc. boosted its stake in MGP Ingredients by 26.7% in the first quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock valued at $100,000 after acquiring an additional 388 shares during the last quarter. ETF Managers Group LLC purchased a new position in MGP Ingredients in the second quarter valued at about $134,000. Envestnet Asset Management Inc. boosted its stake in MGP Ingredients by 24.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock valued at $173,000 after acquiring an additional 621 shares during the last quarter. SG Americas Securities LLC purchased a new position in MGP Ingredients in the first quarter valued at about $186,000. Finally, Suntrust Banks Inc. purchased a new position in MGP Ingredients in the second quarter valued at about $208,000. Hedge funds and other institutional investors own 99.36% of the company’s stock.
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Shares of MGP Ingredients (NASDAQ MGPI) traded up 2.21% during trading on Monday, reaching $66.59. 113,782 shares of the company were exchanged. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 34.77 and a beta of 1.01. The stock’s 50-day moving average is $61.55 and its 200-day moving average is $56.17. MGP Ingredients has a 52-week low of $34.35 and a 52-week high of $66.69.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). The business had revenue of $85.80 million for the quarter, compared to analyst estimates of $84.39 million. MGP Ingredients had a net margin of 9.33% and a return on equity of 21.30%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities research analysts predict that MGP Ingredients will post $1.69 earnings per share for the current fiscal year.
About MGP Ingredients
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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