Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a report published on Thursday. The brokerage currently has $84.00 price target on the stock.

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. “

Other analysts also recently issued research reports about the company. Stifel Nicolaus began coverage on MGP Ingredients in a research note on Tuesday, December 5th. They set a hold rating and a $73.00 price objective on the stock. SunTrust Banks reaffirmed a buy rating on shares of MGP Ingredients in a research note on Friday, November 3rd. Finally, BidaskClub downgraded MGP Ingredients from a strong-buy rating to a buy rating in a research note on Saturday, December 9th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. MGP Ingredients currently has an average rating of Buy and an average price target of $72.25.

MGP Ingredients (NASDAQ:MGPI) traded up $1.13 during mid-day trading on Thursday, hitting $78.88. The stock had a trading volume of 160,771 shares, compared to its average volume of 113,124. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.54 and a current ratio of 4.45. The firm has a market cap of $1,300.35, a P/E ratio of 36.35, a P/E/G ratio of 2.29 and a beta of 0.95. MGP Ingredients has a one year low of $41.16 and a one year high of $80.75.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, November 2nd. The company reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.45. The business had revenue of $86.30 million for the quarter, compared to the consensus estimate of $83.57 million. MGP Ingredients had a return on equity of 18.70% and a net margin of 10.56%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 EPS. analysts predict that MGP Ingredients will post 2.2 EPS for the current year.

In related news, Director Daryl Schaller sold 20,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $72.58, for a total transaction of $1,451,600.00. Following the sale, the director now owns 2,851 shares of the company’s stock, valued at approximately $206,925.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Seaberg sold 2,492 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $73.05, for a total value of $182,040.60. Following the sale, the director now directly owns 10,591 shares in the company, valued at approximately $773,672.55. The disclosure for this sale can be found here. Insiders have sold a total of 53,597 shares of company stock worth $3,885,856 in the last ninety days. 23.50% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake in shares of MGP Ingredients by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,165 shares of the company’s stock valued at $111,000 after purchasing an additional 325 shares during the period. SG Americas Securities LLC acquired a new stake in shares of MGP Ingredients in the 3rd quarter valued at about $128,000. ETF Managers Group LLC acquired a new stake in shares of MGP Ingredients in the 2nd quarter valued at about $134,000. Suntrust Banks Inc. acquired a new stake in shares of MGP Ingredients in the 2nd quarter valued at about $208,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of MGP Ingredients in the 4th quarter valued at about $272,000.

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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.

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