MGP Ingredients, Inc. (MGPI) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of MGP Ingredients, Inc. (NASDAQ:MGPI) from a sell rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “MGP Ingredients, Inc. produces and markets ingredients and distillery products to the packaged goods industry. Its Distillery Products segment primarily offers food grade alcohol, fuel grade alcohol, and distillers feed. The company’s Ingredient Solutions segment primarily provides specialty wheat starches and proteins, commodity wheat starches, and commodity vital wheat gluten. MGP Ingredients, Inc. is headquartered in Atchison, Kansas. “
Separately, BidaskClub upgraded MGP Ingredients from a buy rating to a strong-buy rating in a report on Monday, July 24th.
Shares of MGP Ingredients (MGPI) opened at 62.76 on Tuesday. MGP Ingredients has a 52-week low of $31.93 and a 52-week high of $64.30. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 32.77 and a beta of 1.01. The firm has a 50 day moving average price of $59.09 and a 200-day moving average price of $55.12.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.03). MGP Ingredients had a net margin of 9.33% and a return on equity of 21.30%. The firm had revenue of $85.80 million for the quarter, compared to analysts’ expectations of $84.39 million. The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. Equities research analysts anticipate that MGP Ingredients will post $1.69 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, August 18th were issued a $0.04 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $0.16 annualized dividend and a dividend yield of 0.25%. MGP Ingredients’s dividend payout ratio is currently 8.42%.
In other news, Director Karen Seaberg sold 934 shares of MGP Ingredients stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $57.30, for a total value of $53,518.20. Following the transaction, the director now owns 10,591 shares in the company, valued at $606,864.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 23.50% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. Wells Fargo & Company MN increased its holdings in shares of MGP Ingredients by 71.2% in the first quarter. Wells Fargo & Company MN now owns 31,590 shares of the company’s stock worth $1,713,000 after buying an additional 13,140 shares during the period. Parametric Portfolio Associates LLC increased its holdings in shares of MGP Ingredients by 6.1% in the first quarter. Parametric Portfolio Associates LLC now owns 5,239 shares of the company’s stock worth $284,000 after buying an additional 302 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of MGP Ingredients by 24.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock worth $173,000 after buying an additional 621 shares during the period. Stifel Financial Corp increased its holdings in shares of MGP Ingredients by 4.5% in the first quarter. Stifel Financial Corp now owns 7,084 shares of the company’s stock worth $383,000 after buying an additional 307 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of MGP Ingredients in the first quarter worth about $186,000. Hedge funds and other institutional investors own 98.38% of the company’s stock.
About MGP Ingredients
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.
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