MGP Ingredients Inc (MGPI) Given Consensus Rating of “Buy” by Brokerages

MGP Ingredients Inc (NASDAQ:MGPI) has earned an average recommendation of “Buy” from the six research firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $87.33.

A number of research firms have recently weighed in on MGPI. Craig Hallum reissued a “buy” rating and issued a $105.00 price objective (up previously from $90.00) on shares of MGP Ingredients in a research report on Monday, January 29th. Zacks Investment Research lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Stifel Nicolaus began coverage on shares of MGP Ingredients in a research report on Tuesday, December 5th. They issued a “hold” rating and a $73.00 price objective for the company. SunTrust Banks reissued a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Finally, BidaskClub lowered shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 9th.

In related news, Director Karen Seaberg sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $73.90, for a total transaction of $1,478,000.00. Following the completion of the transaction, the director now owns 10,591 shares of the company’s stock, valued at $782,674.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen J. Glaser sold 5,800 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $74.92, for a total transaction of $434,536.00. Following the transaction, the vice president now directly owns 17,080 shares of the company’s stock, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. Insiders own 23.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of MGPI. Alliancebernstein L.P. increased its position in MGP Ingredients by 31.0% during the second quarter. Alliancebernstein L.P. now owns 14,800 shares of the company’s stock worth $757,000 after purchasing an additional 3,500 shares during the last quarter. Teachers Advisors LLC increased its position in MGP Ingredients by 4.2% during the second quarter. Teachers Advisors LLC now owns 23,791 shares of the company’s stock worth $1,217,000 after purchasing an additional 962 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in MGP Ingredients by 2.8% during the second quarter. TIAA CREF Investment Management LLC now owns 34,753 shares of the company’s stock worth $1,778,000 after purchasing an additional 944 shares during the last quarter. Northern Trust Corp increased its position in MGP Ingredients by 4.6% during the second quarter. Northern Trust Corp now owns 156,804 shares of the company’s stock worth $8,024,000 after purchasing an additional 6,927 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in MGP Ingredients by 1.2% during the second quarter. Vanguard Group Inc. now owns 513,735 shares of the company’s stock worth $26,288,000 after purchasing an additional 5,968 shares during the last quarter. 98.56% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients (NASDAQ MGPI) opened at $86.54 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.45 and a quick ratio of 1.54. The firm has a market cap of $1,450.00, a P/E ratio of 39.70, a PEG ratio of 2.67 and a beta of 1.01. MGP Ingredients has a 52-week low of $42.80 and a 52-week high of $90.34.

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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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