MGP Ingredients (NASDAQ:MGPI) Stock Rating Lowered by BidaskClub

BidaskClub cut shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a sell rating in a research report report published on Tuesday, BidAskClub reports.

Several other equities research analysts also recently weighed in on the company. Zacks Investment Research raised MGP Ingredients from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Saturday, August 3rd. Craig Hallum reaffirmed a buy rating and set a $100.00 price target (down from $105.00) on shares of MGP Ingredients in a research report on Wednesday, July 31st. Finally, ValuEngine downgraded MGP Ingredients from a hold rating to a sell rating in a research report on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. MGP Ingredients presently has an average rating of Hold and an average target price of $83.67.

Shares of MGPI stock opened at $46.90 on Tuesday. The firm has a market capitalization of $810.56 million, a price-to-earnings ratio of 21.61 and a beta of 1.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 5.26 and a quick ratio of 1.59. The business has a fifty day moving average of $60.20 and a 200 day moving average of $69.76. MGP Ingredients has a 1 year low of $46.23 and a 1 year high of $100.00.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). The firm had revenue of $90.50 million during 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 revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business earned $0.44 EPS. As a group, equities research analysts expect 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 0.85%. The ex-dividend date of this dividend is Tuesday, August 13th. MGP Ingredients’s dividend payout ratio is currently 18.43%.

In related news, insider Augustus C. Griffin purchased 2,500 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average cost of $47.75 per share, with a total value of $119,375.00. Following the transaction, the insider now owns 118,630 shares of the company’s stock, valued at $5,664,582.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 24.26% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in MGPI. Marshall Wace North America L.P. acquired a new stake in MGP Ingredients in the 1st quarter worth about $37,000. NumerixS Investment Technologies Inc acquired a new stake in MGP Ingredients in the 2nd quarter worth about $76,000. Bank of Montreal Can boosted its holdings in MGP Ingredients by 360.9% in the 2nd quarter. Bank of Montreal Can now owns 1,392 shares of the company’s stock worth $92,000 after buying an additional 1,090 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in MGP Ingredients in the 1st quarter worth about $217,000. Finally, UMB Bank N A MO purchased a new position in MGP Ingredients in the 1st quarter worth approximately $230,000. 98.10% of the stock is currently 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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