BidaskClub upgraded shares of MGP Ingredients, Inc. (NASDAQ:MGPI) from a hold rating to a buy rating in a research note released on Friday morning.
A number of other equities analysts have also recently issued reports on the stock. Craig Hallum set a $60.00 price objective on shares of MGP Ingredients and gave the company a buy rating in a research report on Wednesday, April 12th. Sidoti lowered shares of MGP Ingredients from a buy rating to a neutral rating in a research note on Monday, May 15th. Finally, Zacks Investment Research raised shares of MGP Ingredients from a hold rating to a buy rating and set a $60.00 target price on the stock in a research note on Wednesday, May 10th.
Shares of MGP Ingredients (NASDAQ MGPI) traded up 2.532% during mid-day trading on Friday, reaching $55.685. 70,594 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $51.37 and a 200-day moving average price of $49.69. MGP Ingredients has a one year low of $31.93 and a one year high of $58.00. The stock has a market cap of $930.44 million, a PE ratio of 29.154 and a beta of 0.99.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. MGP Ingredients had a net margin of 9.52% and a return on equity of 22.54%. The firm had revenue of $87.20 million for the quarter, compared to analysts’ expectations of $78.36 million. The company’s revenue was up 13.5% compared to the same quarter last year. On average, analysts predict that MGP Ingredients will post $1.72 EPS for the current year.
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In other news, Director Karen Seaberg sold 4,629 shares of MGP Ingredients stock in a transaction dated Wednesday, April 26th. The shares were sold at an average price of $54.00, for a total transaction of $249,966.00. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $540,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 16,152 shares of company stock worth $870,277 in the last ninety days. Insiders own 23.50% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC raised its stake in shares of 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. TimesSquare Capital Management LLC raised its stake in shares of MGP Ingredients by 60.0% in the first quarter. TimesSquare Capital Management LLC now owns 973,400 shares of the company’s stock worth $52,787,000 after buying an additional 365,200 shares during the last quarter. Stephens Investment Management Group LLC raised its stake in shares of MGP Ingredients by 7.7% in the first quarter. Stephens Investment Management Group LLC now owns 765,067 shares of the company’s stock worth $41,490,000 after buying an additional 54,778 shares during the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock worth $37,358,000 after buying an additional 23,207 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of MGP Ingredients by 40.7% in the first quarter. Goldman Sachs Group Inc. now owns 603,290 shares of the company’s stock worth $32,716,000 after buying an additional 174,473 shares during the last quarter. 97.49% of the stock is currently owned by hedge funds and other institutional investors.
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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