Zacks: Analysts Set $69.00 Price Target for MGP Ingredients, Inc. (MGPI)
MGP Ingredients, Inc. (NASDAQ:MGPI) has been given an average broker rating score of 1.67 (Buy) from the three brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company.
Brokerages have set a 12-month consensus target price of $69.00 for the company and are anticipating that the company will post $0.35 EPS for the current quarter, according to Zacks. Zacks has also given MGP Ingredients an industry rank of 192 out of 265 based on the ratings given to its competitors.
Several analysts recently commented on the stock. BidaskClub raised shares of MGP Ingredients from a “hold” rating to a “buy” rating in a research report on Friday, July 14th. Zacks Investment Research cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Finally, Sidoti cut shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Monday, May 15th.
In other news, Director Karen Seaberg sold 6,598 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $60.06, for a total transaction of $396,275.88. Following the completion of the transaction, the director now directly owns 10,591 shares of the company’s stock, valued at approximately $636,095.46. The sale was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders sold 13,820 shares of company stock worth $773,123. Insiders own 23.50% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGPI. Lord Abbett & CO. LLC boosted its holdings in MGP Ingredients by 167.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 135,585 shares of the company’s stock valued at $6,938,000 after acquiring an additional 84,921 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of MGP Ingredients by 2.3% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,486,387 shares of the company’s stock worth $229,568,000 after acquiring an additional 99,372 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of MGP Ingredients by 4.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,302 shares of the company’s stock worth $527,000 after acquiring an additional 478 shares in the last quarter. State Street Corp raised its position in shares of MGP Ingredients by 5.3% during the 2nd quarter. State Street Corp now owns 234,916 shares of the company’s stock worth $12,019,000 after acquiring an additional 11,752 shares in the last quarter. Finally, ETF Managers Group LLC acquired a new stake in shares of MGP Ingredients during the 2nd quarter worth about $134,000. Institutional investors and hedge funds own 98.38% of the company’s stock.
MGP Ingredients (NASDAQ:MGPI) traded down 0.89% during trading on Friday, hitting $58.95. 124,536 shares of the stock traded hands. MGP Ingredients has a 12 month low of $31.93 and a 12 month high of $62.00. The stock has a market cap of $985.35 million, a PE ratio of 30.78 and a beta of 1.04. The company has a 50-day moving average price of $58.20 and a 200-day moving average price of $53.42.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.03. MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. The company had revenue of $85.80 million during the quarter, compared to the consensus estimate of $84.39 million. The business’s revenue was up 6.7% on a year-over-year basis. Equities research analysts expect that MGP Ingredients will post $1.69 EPS for the current year.
The company also recently announced a special dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were given a $0.85 dividend. The ex-dividend date was Wednesday, August 16th. This represents a yield of 0.27%. MGP Ingredients’s dividend payout ratio is currently 8.42%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for MGP Ingredients Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGP Ingredients Inc. and related stocks with our FREE daily email newsletter.