MGP Ingredients, Inc. (MGPI) Upgraded to Strong-Buy by BidaskClub

MGP Ingredients, Inc. (NASDAQ:MGPI) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Monday, July 24th.

Several other research firms have also recently weighed in on MGPI. Sidoti cut MGP Ingredients from a “buy” rating to a “neutral” rating in a report on Friday, May 5th. Craig Hallum set a $70.00 target price on MGP Ingredients and gave the stock a “buy” rating in a report on Saturday, May 6th. Finally, Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Wednesday, May 10th.

MGP Ingredients (MGPI) opened at 58.07 on Monday. The stock has a market capitalization of $970.64 million, a PE ratio of 30.32 and a beta of 1.01. The stock has a 50 day moving average price of $56.38 and a 200 day moving average price of $51.91. MGP Ingredients has a 12 month low of $31.93 and a 12 month high of $62.00.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by $0.03. The firm had revenue of $85.80 million for the quarter, compared to the consensus estimate of $84.39 million. MGP Ingredients had a net margin of 9.33% and a return on equity of 21.30%. MGP Ingredients’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, equities research analysts forecast that MGP Ingredients will post $1.69 earnings per share for the current fiscal year.

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In related news, Director Karen Seaberg sold 6,288 shares of the firm’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $51.42, for a total value of $323,328.96. Following the transaction, the director now directly owns 10,591 shares of the company’s stock, valued at approximately $544,589.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 23.50% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of MGPI. Victory Capital Management Inc. raised its stake in shares of MGP Ingredients by 26.7% in the first quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock worth $100,000 after buying an additional 388 shares during the last quarter. ETF Managers Group LLC acquired a new stake in shares of MGP Ingredients during the second quarter worth about $134,000. Envestnet Asset Management Inc. raised its stake in shares of MGP Ingredients by 24.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock worth $173,000 after buying an additional 621 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of MGP Ingredients during the first quarter worth about $186,000. Finally, Invictus RG acquired a new stake in shares of MGP Ingredients during the first quarter worth about $208,000. Institutional investors and hedge funds own 97.96% of the company’s stock.

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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