Craig Hallum Reaffirms Buy Rating for MGP Ingredients (NASDAQ:MGPI)

Craig Hallum reiterated their buy rating on shares of MGP Ingredients (NASDAQ:MGPI) in a research report released on Wednesday, The Fly reports. Craig Hallum currently has a $100.00 target price on the stock, down from their prior target price of $105.00.

Other equities analysts also recently issued research reports about the company. Zacks Investment Research downgraded MGP Ingredients from a strong-buy rating to a hold rating in a research report on Wednesday, May 1st. BidaskClub downgraded MGP Ingredients from a buy rating to a hold rating in a research report on Tuesday, July 16th. Finally, ValuEngine downgraded MGP Ingredients from a hold rating to a sell rating in a research report on Monday, June 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $83.67.

NASDAQ MGPI opened at $56.98 on Wednesday. The company has a quick ratio of 1.59, a current ratio of 5.26 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average price of $65.70. The stock has a market cap of $850.57 million, a P/E ratio of 22.32 and a beta of 1.74. MGP Ingredients has a 1-year low of $46.26 and a 1-year high of $100.00.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.06). The company had revenue of $90.50 million for the quarter, compared to analysts’ expectations of $91.54 million. MGP Ingredients had a return on equity of 18.75% and a net margin of 10.00%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 EPS. Equities research analysts anticipate that MGP Ingredients will post 2.65 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend is Tuesday, August 13th. MGP Ingredients’s payout ratio is 18.43%.

A number of institutional investors have recently added to or reduced their stakes in MGPI. Dimensional Fund Advisors LP grew its position in shares of MGP Ingredients by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock valued at $41,840,000 after purchasing an additional 3,196 shares during the period. Stephens Investment Management Group LLC grew its position in shares of MGP Ingredients by 15.8% in the first quarter. Stephens Investment Management Group LLC now owns 688,802 shares of the company’s stock valued at $53,141,000 after purchasing an additional 93,809 shares during the period. Kornitzer Capital Management Inc. KS grew its position in shares of MGP Ingredients by 14.6% in the first quarter. Kornitzer Capital Management Inc. KS now owns 143,930 shares of the company’s stock valued at $11,104,000 after purchasing an additional 18,375 shares during the period. 6 Meridian grew its position in shares of MGP Ingredients by 2.3% in the second quarter. 6 Meridian now owns 7,412 shares of the company’s stock valued at $491,000 after purchasing an additional 166 shares during the period. Finally, Macquarie Group Ltd. purchased a new stake in shares of MGP Ingredients in the fourth quarter valued at $1,417,000. 98.10% of the stock is owned by institutional investors.

About MGP Ingredients

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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