MGP Ingredients (NASDAQ:MGPI) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a research note published on Monday morning.

Other analysts have also recently issued reports about the company. Roth Mkm reissued a buy rating and issued a $92.00 price target on shares of MGP Ingredients in a research report on Thursday, July 25th. Wedbush reissued an outperform rating and issued a $120.00 target price on shares of MGP Ingredients in a report on Monday, April 29th.

MGP Ingredients Stock Up 0.8 %

Shares of NASDAQ:MGPI opened at $84.38 on Monday. The firm has a market capitalization of $1.86 billion, a P/E ratio of 19.49, a P/E/G ratio of 1.27 and a beta of 0.59. The stock has a 50 day moving average price of $76.56 and a 200-day moving average price of $80.47. MGP Ingredients has a 52-week low of $68.86 and a 52-week high of $124.96. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.97 and a current ratio of 6.44.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. During the same period last year, the business earned $1.49 EPS. MGP Ingredients’s quarterly revenue was down 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that MGP Ingredients will post 6.18 EPS for the current fiscal year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $0.12 dividend. The ex-dividend date is Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.57%. MGP Ingredients’s dividend payout ratio is presently 11.09%.

Insider Activity at MGP Ingredients

In related news, Director Donn S. Lux sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $82.50, for a total value of $1,815,000.00. Following the transaction, the director now directly owns 2,673,264 shares of the company’s stock, valued at approximately $220,544,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MGP Ingredients news, Director Donn S. Lux sold 22,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $82.50, for a total value of $1,815,000.00. Following the completion of the transaction, the director now owns 2,673,264 shares of the company’s stock, valued at approximately $220,544,280. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lori L.S. Mingus sold 2,430 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the sale, the director now directly owns 47,287 shares in the company, valued at approximately $3,729,998.56. The disclosure for this sale can be found here. 36.20% of the stock is owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC increased its position in MGP Ingredients by 464.8% during the fourth quarter. Global Retirement Partners LLC now owns 401 shares of the company’s stock valued at $37,000 after acquiring an additional 330 shares during the last quarter. Mutual of America Capital Management LLC increased its position in shares of MGP Ingredients by 594.5% during the 4th quarter. Mutual of America Capital Management LLC now owns 19,030 shares of the company’s stock valued at $1,875,000 after purchasing an additional 16,290 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of MGP Ingredients by 9.3% in the 4th quarter. Cerity Partners LLC now owns 2,186 shares of the company’s stock worth $215,000 after purchasing an additional 186 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of MGP Ingredients in the fourth quarter worth approximately $768,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of MGP Ingredients by 12.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,719 shares of the company’s stock worth $366,000 after buying an additional 400 shares during the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.