Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a report published on Thursday. The firm currently has $84.00 price objective on the stock.
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. “
A number of other brokerages have also commented on MGPI. Stifel Nicolaus began coverage on MGP Ingredients in a research report on Tuesday, December 5th. They issued a hold rating and a $73.00 price objective on the stock. BidaskClub lowered MGP Ingredients from a strong-buy rating to a buy rating in a research report on Saturday, December 9th. Finally, SunTrust Banks reiterated a buy rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $72.25.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.45. The firm had revenue of $86.30 million for the quarter, compared to analyst estimates of $83.57 million. MGP Ingredients had a return on equity of 18.70% and a net margin of 10.56%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period last year, the company earned $0.55 EPS. research analysts anticipate that MGP Ingredients will post 2.2 earnings per share for the current year.
In other news, Director Karen Seaberg sold 2,492 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $73.05, for a total value of $182,040.60. Following the transaction, the director now owns 10,591 shares of the company’s stock, valued at approximately $773,672.55. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Stephen J. Glaser sold 5,800 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total value of $434,536.00. Following the completion of the transaction, the vice president now directly owns 17,080 shares in the company, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. Insiders sold a total of 53,597 shares of company stock worth $3,885,856 over the last quarter. Corporate insiders own 23.50% of the company’s stock.
Several hedge funds have recently bought and sold shares of MGPI. Victory Capital Management Inc. lifted its stake in shares of 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 purchasing an additional 325 shares during the period. SG Americas Securities LLC acquired a new position in shares of MGP Ingredients in the 3rd quarter valued at $128,000. ETF Managers Group LLC acquired a new position in shares of MGP Ingredients in the 2nd quarter valued at $134,000. Suntrust Banks Inc. acquired a new position in shares of MGP Ingredients in the 2nd quarter valued at $208,000. Finally, Acadian Asset Management LLC acquired a new position in shares of MGP Ingredients in the 4th quarter valued at $272,000.
TRADEMARK VIOLATION WARNING: “MGP Ingredients (MGPI) Upgraded to Buy by Zacks Investment Research” was originally published by Week Herald and is the sole property of of Week Herald. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of international copyright legislation. The original version of this piece can be accessed at https://weekherald.com/2018/01/20/mgp-ingredients-mgpi-upgraded-to-buy-by-zacks-investment-research.html.
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.
Receive News & Ratings for MGP Ingredients Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGP Ingredients and related companies with MarketBeat.com's FREE daily email newsletter.