MGP Ingredients, Inc. (MGPI) Lifted to “Buy” at BidaskClub

BidaskClub upgraded shares of MGP Ingredients, Inc. (NASDAQ:MGPI) from a hold rating to a buy rating in a research report sent to investors on Friday.

Several other research firms also recently issued reports on MGPI. Sidoti downgraded MGP Ingredients from a buy rating to a neutral rating in a research note on Friday, May 5th. Craig Hallum set a $70.00 target price on MGP Ingredients and gave the company a buy rating in a research report on Saturday, May 6th. Finally, Zacks Investment Research upgraded MGP Ingredients from a hold rating to a buy rating and set a $60.00 target price for the company in a research report on Wednesday, May 10th.

Shares of MGP Ingredients (NASDAQ:MGPI) traded up 2.035% on Friday, reaching $55.415. The company had a trading volume of 56,663 shares. The company’s 50-day moving average price is $51.37 and its 200-day moving average price is $49.69. The firm has a market capitalization of $925.93 million, a price-to-earnings ratio of 29.013 and a beta of 0.99. MGP Ingredients has a 52-week low of $31.93 and a 52-week high of $58.00.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.04. The business had revenue of $87.20 million during the quarter, compared to the consensus estimate of $78.36 million. MGP Ingredients had a return on equity of 22.54% and a net margin of 9.52%. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, analysts predict that MGP Ingredients will post $1.72 earnings per share for the current year.

In other news, Director Karen Seaberg sold 6,288 shares of the company’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $51.42, for a total transaction of $323,328.96. Following the completion of the sale, the director now directly owns 10,591 shares in the company, valued at approximately $544,589.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 16,152 shares of company stock valued at $870,277. Corporate insiders own 23.50% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MGPI. Neuberger Berman Group LLC increased its stake in MGP Ingredients by 106.4% in the first quarter. Neuberger Berman Group LLC now owns 1,109,583 shares of the company’s stock worth $60,173,000 after buying an additional 571,983 shares during the last quarter. Laurion Capital Management LP bought a new stake in MGP Ingredients during the first quarter worth $418,000. Millrace Asset Group Inc. increased its stake in MGP Ingredients by 12.3% in the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock worth $1,839,000 after buying an additional 3,711 shares during the last quarter. Stifel Financial Corp increased its stake in MGP Ingredients by 4.5% in the first quarter. Stifel Financial Corp now owns 7,084 shares of the company’s stock worth $383,000 after buying an additional 307 shares during the last quarter. Finally, Suffolk Capital Management LLC bought a new stake in MGP Ingredients during the first quarter worth $1,228,000. Hedge funds and other institutional investors own 97.49% 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.