MGP Ingredients (NASDAQ:MGPI) Cut to “Hold” at Zacks Investment Research

MGP Ingredients (NASDAQ:MGPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, November 23rd.

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, SunTrust Banks reissued a “buy” rating on shares of MGP Ingredients in a research note on Friday, November 3rd. Three 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. The stock presently has an average rating of “Buy” and an average price target of $71.75.

Shares of MGP Ingredients (NASDAQ:MGPI) opened at $74.91 on Thursday. The company has a market cap of $1,270.08, a price-to-earnings ratio of 43.90, a PEG ratio of 2.31 and a beta of 0.95. MGP Ingredients has a one year low of $41.16 and a one year high of $78.02. 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 posted its earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. research analysts predict that MGP Ingredients will post 2.2 EPS for the current fiscal year.

In other news, Director Daryl Schaller sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $72.58, for a total value of $1,451,600.00. Following the transaction, the director now directly owns 2,851 shares in the company, valued at approximately $206,925.58. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Seaberg sold 2,492 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $73.05, for a total transaction of $182,040.60. Following the sale, the director now directly owns 10,591 shares in the company, valued at $773,672.55. The disclosure for this sale can be found here. Insiders have sold 27,797 shares of company stock worth $1,973,320 over the last 90 days. 23.50% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. grew its position in shares of MGP Ingredients by 3.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 4,632,786 shares of the company’s stock valued at $280,886,000 after buying an additional 146,399 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in MGP Ingredients by 12.7% during 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% during 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 20.0% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 896,389 shares of the company’s stock worth $54,348,000 after purchasing an additional 149,625 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in MGP Ingredients by 6.2% during 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.

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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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