MGP Ingredients (MGPI) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a report published on Thursday.
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. “
Several other analysts have also recently issued reports on MGPI. Stifel Nicolaus began coverage on shares of MGP Ingredients in a report on Tuesday, December 5th. They issued a hold rating and a $73.00 price target on the stock. SunTrust Banks reaffirmed a buy rating on shares of MGP Ingredients in a report on Friday, November 3rd. Finally, BidaskClub cut shares of MGP Ingredients from a strong-buy rating to a buy rating in a report on Saturday, December 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. MGP Ingredients presently has a consensus rating of Buy and an average price target of $71.75.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.45. The firm had revenue of $86.30 million for the quarter, compared to analysts’ expectations of $83.57 million. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.70%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.55 earnings per share. sell-side analysts predict that MGP Ingredients will post 2.2 earnings per share for the current year.
In other MGP Ingredients news, VP Stephen J. Glaser sold 5,800 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total transaction of $434,536.00. Following the completion of the sale, the vice president now owns 17,080 shares in the company, valued at $1,279,633.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Seaberg sold 2,492 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $73.05, for a total transaction of $182,040.60. Following the sale, the director now owns 10,591 shares of the company’s stock, valued at approximately $773,672.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,597 shares of company stock valued at $3,885,856. 23.50% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. California Public Employees Retirement System increased its stake in MGP Ingredients by 5.7% during the third quarter. California Public Employees Retirement System now owns 39,761 shares of the company’s stock valued at $2,411,000 after purchasing an additional 2,161 shares during the last quarter. Uniplan Investment Counsel Inc. grew its position in shares of MGP Ingredients by 22.0% during the third quarter. Uniplan Investment Counsel Inc. now owns 129,416 shares of the company’s stock worth $7,846,000 after acquiring an additional 23,299 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of MGP Ingredients by 74.8% during the third quarter. Envestnet Asset Management Inc. now owns 5,706 shares of the company’s stock worth $346,000 after acquiring an additional 2,442 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of MGP Ingredients by 5.1% during the third quarter. Schwab Charles Investment Management Inc. now owns 66,030 shares of the company’s stock worth $4,004,000 after acquiring an additional 3,202 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of MGP Ingredients by 18.2% during the third quarter. Wells Fargo & Company MN now owns 34,376 shares of the company’s stock worth $2,084,000 after acquiring an additional 5,304 shares during the last quarter.
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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