MGP Ingredients, Inc. (MGPI) Given Consensus Rating of “Buy” by Brokerages

MGP Ingredients, Inc. (NASDAQ:MGPI) has been given an average recommendation of “Buy” by the six research firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $70.00.

A number of research analysts have recently issued reports on MGPI shares. Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Tuesday, November 7th. SunTrust Banks reaffirmed a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Finally, Stifel Nicolaus initiated coverage on MGP Ingredients in a research report on Tuesday. They issued a “hold” rating for the company.

Shares of MGP Ingredients (NASDAQ MGPI) traded down $1.03 during trading hours on Tuesday, hitting $74.91. The stock had a trading volume of 90,175 shares, compared to its average volume of 137,291. The firm has a market cap of $1,252.85, a P/E ratio of 43.30, a price-to-earnings-growth ratio of 2.28 and a beta of 0.95. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.45 and a quick ratio of 1.54. MGP Ingredients has a 12 month low of $41.16 and a 12 month high of $78.02.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.45. The company had revenue of $86.30 million for the quarter, compared to the consensus estimate of $83.57 million. MGP Ingredients had a return on equity of 18.70% and a net margin of 10.56%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 EPS. research analysts predict that MGP Ingredients will post 2.2 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Tuesday, November 14th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date is Monday, November 13th. MGP Ingredients’s payout ratio is 7.37%.

In related news, Director Karen Seaberg sold 5,305 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $64.03, for a total value of $339,679.15. Following the completion of the sale, the director now directly owns 10,591 shares of the company’s stock, valued at approximately $678,141.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daryl Schaller sold 20,000 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $72.58, for a total value of $1,451,600.00. Following the completion of the sale, the director now directly owns 2,851 shares of the company’s stock, valued at $206,925.58. The disclosure for this sale can be found here. Insiders sold a total of 27,797 shares of company stock valued at $1,973,320 over the last ninety days. 23.50% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its position in MGP Ingredients by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,165 shares of the company’s stock valued at $111,000 after buying an additional 325 shares in the last quarter. SG Americas Securities LLC bought a new stake in MGP Ingredients in the 3rd quarter valued at about $128,000. ETF Managers Group LLC bought a new stake in MGP Ingredients during the 2nd quarter worth approximately $134,000. Suntrust Banks Inc. bought a new stake in MGP Ingredients during the 2nd quarter worth approximately $208,000. Finally, Aperio Group LLC bought a new stake in MGP Ingredients during the 2nd quarter worth approximately $240,000.

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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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