MGP Ingredients (NASDAQ:MGPI) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Thursday, January 3rd. SunTrust Banks lowered their price target on shares of MGP Ingredients to $90.00 and set a “buy” rating on the stock in a report on Thursday, December 13th. Finally, ValuEngine cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a report on Friday, November 2nd. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $81.50.
MGP Ingredients stock traded down $1.14 during midday trading on Wednesday, hitting $76.51. 118,824 shares of the company’s stock were exchanged, compared to its average volume of 153,645. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.07 and a quick ratio of 1.69. MGP Ingredients has a 12 month low of $53.66 and a 12 month high of $99.73. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 40.91 and a beta of 1.51.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of MGP Ingredients by 2.8% in the 4th quarter. BlackRock Inc. now owns 1,886,417 shares of the company’s stock valued at $107,621,000 after purchasing an additional 50,807 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in shares of MGP Ingredients by 5.6% in the 4th quarter. Conestoga Capital Advisors LLC now owns 1,180,300 shares of the company’s stock valued at $67,336,000 after purchasing an additional 63,026 shares during the last quarter. Vanguard Group Inc. raised its position in shares of MGP Ingredients by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 818,334 shares of the company’s stock valued at $64,632,000 after purchasing an additional 15,313 shares during the last quarter. Vanguard Group Inc raised its position in shares of MGP Ingredients by 1.9% in the 3rd quarter. Vanguard Group Inc now owns 818,334 shares of the company’s stock valued at $64,632,000 after purchasing an additional 15,313 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in MGP Ingredients by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock worth $41,840,000 after buying an additional 3,196 shares during the last quarter. 98.10% of the stock is owned by hedge funds and other 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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