MGP Ingredients (NASDAQ:MGPI) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a research note released on Monday.

Other analysts have also recently issued reports about the company. Wedbush reaffirmed an outperform rating and set a $120.00 price objective on shares of MGP Ingredients in a research report on Monday, April 29th. Roth Mkm restated a buy rating and set a $92.00 price target on shares of MGP Ingredients in a research report on Thursday, July 25th.

MGP Ingredients Trading Down 0.5 %

NASDAQ MGPI traded down $0.40 on Monday, hitting $82.13. The company’s stock had a trading volume of 117,704 shares, compared to its average volume of 196,452. The firm has a market cap of $1.81 billion, a P/E ratio of 19.06, a PEG ratio of 1.27 and a beta of 0.59. MGP Ingredients has a 52-week low of $68.86 and a 52-week high of $124.96. The company’s 50-day simple moving average is $76.09 and its 200 day simple moving average is $80.48. The company has a current ratio of 6.44, a quick ratio of 1.97 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.54 by $0.17. The business had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.49 EPS. Research analysts predict that MGP Ingredients will post 6.18 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.58%. MGP Ingredients’s payout ratio is 11.09%.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 2,430 shares of MGP Ingredients stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total transaction of $191,678.40. Following the completion of the transaction, the director now owns 47,287 shares in the company, valued at $3,729,998.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Donn S. Lux sold 10,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the transaction, the director now owns 2,695,264 shares in the company, valued at approximately $223,706,912. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lori L.S. Mingus sold 2,430 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the sale, the director now directly owns 47,287 shares in the company, valued at $3,729,998.56. The disclosure for this sale can be found here. Insiders have sold 34,430 shares of company stock worth $2,836,678 in the last 90 days. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Isthmus Partners LLC increased its position in shares of MGP Ingredients by 2.1% during the second quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after acquiring an additional 860 shares in the last quarter. Natixis Advisors LLC increased its holdings in shares of MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after purchasing an additional 13,332 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of MGP Ingredients in the 2nd quarter worth $82,000. Innealta Capital LLC bought a new position in shares of MGP Ingredients during the second quarter valued at $42,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of MGP Ingredients by 25.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,681 shares of the company’s stock valued at $348,000 after buying an additional 962 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.