MGP Ingredients (MGPI) Upgraded by BidaskClub to Buy

BidaskClub upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a report published on Friday, BidAskClub reports.

Separately, Zacks Investment Research raised MGP Ingredients from a hold rating to a buy rating and set a $92.00 price objective on the stock in a report on Saturday, March 2nd.

NASDAQ MGPI opened at $87.30 on Friday. The company has a market cap of $1.49 billion, a P/E ratio of 40.23 and a beta of 1.56. MGP Ingredients has a one year low of $53.66 and a one year high of $100.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.22 and a current ratio of 4.13.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Wednesday, February 27th. The company reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.13. The business had revenue of $104.85 million for the quarter, compared to analyst estimates of $99.77 million. MGP Ingredients had a return on equity of 19.68% and a net margin of 9.81%. MGP Ingredients’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.74 EPS. Analysts forecast that MGP Ingredients will post 2.61 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Wednesday, March 13th were issued a dividend of $0.10 per share. This is an increase from MGP Ingredients’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.40 annualized dividend and a yield of 0.46%. MGP Ingredients’s dividend payout ratio is currently 18.43%.

In other MGP Ingredients news, Director Karen Seaberg sold 1,546 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $77.75, for a total transaction of $120,201.50. Following the transaction, the director now owns 12,682 shares of the company’s stock, valued at approximately $986,025.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP David E. Dykstra sold 5,000 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $82.18, for a total value of $410,900.00. Following the transaction, the vice president now directly owns 29,396 shares in the company, valued at approximately $2,415,763.28. The disclosure for this sale can be found here. 22.19% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of MGPI. Bank of Montreal Can lifted its stake in shares of MGP Ingredients by 437.4% in the 4th quarter. Bank of Montreal Can now owns 489 shares of the company’s stock valued at $28,000 after purchasing an additional 398 shares during the period. First Hawaiian Bank lifted its stake in shares of MGP Ingredients by 74.2% in the 1st quarter. First Hawaiian Bank now owns 472 shares of the company’s stock valued at $36,000 after purchasing an additional 201 shares during the period. Group One Trading L.P. acquired a new position in shares of MGP Ingredients in the 4th quarter valued at $40,000. Oppenheimer Asset Management Inc. acquired a new position in shares of MGP Ingredients in the 4th quarter valued at $142,000. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of MGP Ingredients in the 4th quarter valued at $208,000. 98.10% of the stock is currently owned by institutional investors.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.

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