MGP Ingredients, Inc. (MGPI) Upgraded to Hold by Zacks Investment Research

MGP Ingredients, Inc. (NASDAQ:MGPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

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. “

Separately, BidaskClub upgraded MGP Ingredients from a “hold” rating to a “buy” rating in a research note on Friday, July 14th.

Shares of MGP Ingredients (NASDAQ:MGPI) opened at 63.23 on Tuesday. The stock has a 50 day moving average of $58.94 and a 200-day moving average of $55.06. MGP Ingredients has a one year low of $31.93 and a one year high of $64.30. The stock has a market capitalization of $1.06 billion, a P/E ratio of 33.02 and a beta of 1.01.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.03). The company 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%. The company’s revenue was up 6.7% on a year-over-year basis. Equities analysts forecast that MGP Ingredients will post $1.69 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: “MGP Ingredients, Inc. (MGPI) Upgraded to Hold by Zacks Investment Research” was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this article on another domain, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this article can be read at https://ledgergazette.com/2017/10/10/mgp-ingredients-inc-mgpi-upgraded-to-hold-by-zacks-investment-research.html.

In related news, Director Karen Seaberg sold 934 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $57.30, for a total transaction of $53,518.20. Following the completion of the transaction, the director now directly owns 10,591 shares in the company, valued at approximately $606,864.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 23.50% of the company’s stock.

Several large investors have recently made changes to their positions in MGPI. Raymond James Financial Services Advisors Inc. boosted its stake in MGP Ingredients by 2.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,486,387 shares of the company’s stock worth $229,568,000 after purchasing an additional 99,372 shares during the period. Neuberger Berman Group LLC boosted its stake in MGP Ingredients by 12.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 1,250,268 shares of the company’s stock worth $63,976,000 after purchasing an additional 140,685 shares during the period. TimesSquare Capital Management LLC boosted its stake in MGP Ingredients by 26.9% in the 2nd quarter. TimesSquare Capital Management LLC now owns 1,234,770 shares of the company’s stock worth $63,183,000 after purchasing an additional 261,370 shares during the period. Conestoga Capital Advisors LLC boosted its stake in MGP Ingredients by 8.4% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 746,764 shares of the company’s stock worth $38,212,000 after purchasing an additional 57,890 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in MGP Ingredients by 6.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 640,671 shares of the company’s stock worth $32,783,000 after purchasing an additional 37,381 shares during the period. Institutional investors own 98.38% of the company’s stock.

MGP Ingredients Company Profile

MGP Ingredients, Inc is a producer and supplier of distilled spirit

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. “

Separately, BidaskClub upgraded MGP Ingredients from a “hold” rating to a “buy” rating in a research note on Friday, July 14th.

Shares of MGP Ingredients (NASDAQ:MGPI) opened at 63.23 on Tuesday. The stock has a 50 day moving average of $58.94 and a 200-day moving average of $55.06. MGP Ingredients has a one year low of $31.93 and a one year high of $64.30. The stock has a market capitalization of $1.06 billion, a P/E ratio of 33.02 and a beta of 1.01.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.03). The company 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%. The company’s revenue was up 6.7% on a year-over-year basis. Equities analysts forecast that MGP Ingredients will post $1.69 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: “MGP Ingredients, Inc. (MGPI) Upgraded to Hold by Zacks Investment Research” was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this article on another domain, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this article can be read at https://ledgergazette.com/2017/10/10/mgp-ingredients-inc-mgpi-upgraded-to-hold-by-zacks-investment-research.html.

In related news, Director Karen Seaberg sold 934 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $57.30, for a total transaction of $53,518.20. Following the completion of the transaction, the director now directly owns 10,591 shares in the company, valued at approximately $606,864.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 23.50% of the company’s stock.

Several large investors have recently made changes to their positions in MGPI. Raymond James Financial Services Advisors Inc. boosted its stake in MGP Ingredients by 2.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,486,387 shares of the company’s stock worth $229,568,000 after purchasing an additional 99,372 shares during the period. Neuberger Berman Group LLC boosted its stake in MGP Ingredients by 12.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 1,250,268 shares of the company’s stock worth $63,976,000 after purchasing an additional 140,685 shares during the period. TimesSquare Capital Management LLC boosted its stake in MGP Ingredients by 26.9% in the 2nd quarter. TimesSquare Capital Management LLC now owns 1,234,770 shares of the company’s stock worth $63,183,000 after purchasing an additional 261,370 shares during the period. Conestoga Capital Advisors LLC boosted its stake in MGP Ingredients by 8.4% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 746,764 shares of the company’s stock worth $38,212,000 after purchasing an additional 57,890 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in MGP Ingredients by 6.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 640,671 shares of the company’s stock worth $32,783,000 after purchasing an additional 37,381 shares during the period. Institutional investors own 98.38% of the company’s stock.

MGP Ingredients Company Profile

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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