BidaskClub upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a research note issued to investors on Tuesday, BidAskClub reports.

A number of other brokerages have also recently commented on MGPI. Zacks Investment Research cut shares of W. R. Grace & Co from a buy rating to a hold rating in a research note on Wednesday, May 1st. ValuEngine upgraded shares of United Overseas Bank from a sell rating to a hold rating in a research note on Monday, June 17th.

MGP Ingredients stock opened at $67.49 on Tuesday. The company has a market capitalization of $1.18 billion, a P/E ratio of 31.10 and a beta of 1.75. MGP Ingredients has a 1-year low of $53.66 and a 1-year high of $100.00. The company has a fifty day simple moving average of $64.38. The company has a current ratio of 5.25, a quick ratio of 1.59 and a debt-to-equity ratio of 0.21.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Wednesday, May 1st. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $89.10 million during the quarter, compared to the consensus estimate of $91.25 million. MGP Ingredients had a net margin of 9.97% and a return on equity of 19.31%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, analysts predict that MGP Ingredients will post 2.62 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of MGP Ingredients by 2.8% during the 4th quarter. BlackRock Inc. now owns 1,886,417 shares of the company’s stock worth $107,621,000 after buying an additional 50,807 shares during the last quarter. Conestoga Capital Advisors LLC lifted its stake in shares of MGP Ingredients by 2.4% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,208,292 shares of the company’s stock worth $93,220,000 after buying an additional 27,992 shares during the last quarter. Champlain Investment Partners LLC lifted its stake in shares of MGP Ingredients by 19.8% during the 1st quarter. Champlain Investment Partners LLC now owns 925,220 shares of the company’s stock worth $71,381,000 after buying an additional 152,810 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of MGP Ingredients by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock worth $41,840,000 after buying an additional 3,196 shares during the last quarter. Finally, Stephens Investment Management Group LLC lifted its stake in shares of MGP Ingredients by 15.8% during the 1st quarter. Stephens Investment Management Group LLC now owns 688,802 shares of the company’s stock worth $53,141,000 after buying an additional 93,809 shares during the last quarter. Institutional investors own 98.10% of the company’s stock.

MGP Ingredients Company Profile

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.

Further Reading: What is Cost of Goods Sold (COGS)?

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