MGP Ingredients (MGPI) Earns Hold Rating from Analysts at Stifel Nicolaus

Stifel Nicolaus initiated coverage on shares of MGP Ingredients (NASDAQ:MGPI) in a research note released on Tuesday, MarketBeat.com reports. The brokerage issued a hold rating and a $73.00 price target on the stock.

A number of other equities analysts also recently issued reports on MGPI. Zacks Investment Research raised shares of MGP Ingredients from a sell rating to a hold rating in a research note on Tuesday, October 10th. SunTrust Banks reissued a buy rating on shares of MGP Ingredients in a research note on Friday, November 3rd. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. MGP Ingredients currently has an average rating of Buy and a consensus target price of $71.75.

MGP Ingredients (NASDAQ:MGPI) traded down $0.47 during mid-day trading on Tuesday, reaching $74.28. 92,800 shares of the company were exchanged, compared to its average volume of 136,953. MGP Ingredients has a 12 month low of $41.16 and a 12 month high of $78.02. The company has a market capitalization of $1,250.17, a P/E ratio of 43.21, a P/E/G ratio of 2.27 and a beta of 0.95. The company has a current ratio of 4.45, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.45. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.70%. The company had revenue of $86.30 million during the quarter, compared to the consensus estimate of $83.57 million. During the same period in the prior year, the firm earned $0.55 earnings per share. MGP Ingredients’s revenue was up 8.0% on a year-over-year basis. equities research analysts anticipate that MGP Ingredients will post 2.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Tuesday, November 14th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date is Monday, November 13th. MGP Ingredients’s dividend payout ratio (DPR) is presently 7.37%.

In other MGP Ingredients news, Director Karen Seaberg sold 2,492 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $73.05, for a total value of $182,040.60. Following the sale, the director now owns 10,591 shares in the company, valued at $773,672.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daryl Schaller sold 20,000 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $72.58, for a total transaction of $1,451,600.00. Following the completion of the sale, the director now owns 2,851 shares in the company, valued at approximately $206,925.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,797 shares of company stock worth $1,973,320. Corporate insiders own 23.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in MGPI. Teachers Advisors LLC grew its holdings in MGP Ingredients by 2.2% in the first quarter. Teachers Advisors LLC now owns 22,829 shares of the company’s stock worth $1,238,000 after purchasing an additional 496 shares during the period. Vanguard Group Inc. grew its holdings in shares of MGP Ingredients by 11.4% during the first quarter. Vanguard Group Inc. now owns 507,767 shares of the company’s stock valued at $27,536,000 after buying an additional 51,902 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of MGP Ingredients by 4.1% during the first quarter. Geode Capital Management LLC now owns 99,887 shares of the company’s stock valued at $5,416,000 after buying an additional 3,942 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of MGP Ingredients during the first quarter valued at approximately $2,511,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of MGP Ingredients by 39.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 58,749 shares of the company’s stock valued at $3,186,000 after buying an additional 16,607 shares during the last quarter.

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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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