MGP Ingredients (MGPI) Downgraded to Hold at BidaskClub

MGP Ingredients (NASDAQ:MGPI) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other equities analysts have also issued reports on MGPI. Zacks Investment Research raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, March 6th. Stifel Nicolaus cut their price objective on shares of MGP Ingredients from $76.00 to $73.00 and set a “hold” rating on the stock in a report on Tuesday, March 6th. Finally, ValuEngine raised shares of MGP Ingredients from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $87.33.

Shares of MGP Ingredients opened at $88.81 on Friday, MarketBeat Ratings reports. The company has a market cap of $1.50 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.24 and a current ratio of 4.31. MGP Ingredients has a 52-week low of $49.58 and a 52-week high of $99.73.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Wednesday, May 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.01). The business had revenue of $88.00 million for the quarter, compared to analysts’ expectations of $92.80 million. MGP Ingredients had a net margin of 11.83% and a return on equity of 18.46%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 earnings per share. sell-side analysts anticipate that MGP Ingredients will post 2.13 earnings per share for the current fiscal year.

In other MGP Ingredients news, VP David E. Dykstra sold 300 shares of the firm’s stock in a transaction that occurred on Friday, May 11th. The shares were sold at an average price of $88.01, for a total value of $26,403.00. Following the completion of the sale, the vice president now directly owns 40,933 shares in the company, valued at $3,602,513.33. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karen Seaberg sold 2,450 shares of the firm’s stock in a transaction that occurred on Thursday, April 19th. The shares were sold at an average price of $90.00, for a total transaction of $220,500.00. Following the completion of the sale, the director now owns 11,241 shares of the company’s stock, valued at $1,011,690. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,226 shares of company stock valued at $9,191,481. 22.19% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its stake in MGP Ingredients by 94.9% in the first quarter. BlackRock Inc. now owns 1,644,720 shares of the company’s stock valued at $147,350,000 after acquiring an additional 800,658 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in MGP Ingredients by 15.1% in the first quarter. Loomis Sayles & Co. L P now owns 254,076 shares of the company’s stock valued at $22,763,000 after acquiring an additional 33,243 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in MGP Ingredients by 11.6% in the first quarter. Allianz Asset Management GmbH now owns 183,558 shares of the company’s stock valued at $16,444,000 after acquiring an additional 19,091 shares in the last quarter. Northern Trust Corp boosted its stake in MGP Ingredients by 2.0% in the first quarter. Northern Trust Corp now owns 172,390 shares of the company’s stock valued at $15,445,000 after acquiring an additional 3,387 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. boosted its stake in MGP Ingredients by 1.5% in the first quarter. Uniplan Investment Counsel Inc. now owns 135,036 shares of the company’s stock valued at $12,097,000 after acquiring an additional 1,999 shares in the last quarter. Institutional investors own 99.24% of the company’s stock.

MGP Ingredients Company Profile

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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