Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a research note published on Thursday, January 18th. The brokerage currently has $84.00 target price 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 research analysts have also issued reports about the stock. SunTrust Banks reiterated a buy rating on shares of MGP Ingredients in a report on Friday, November 3rd. BidaskClub lowered shares of MGP Ingredients from a strong-buy rating to a buy rating in a report on Saturday, December 9th. Finally, 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $81.00.
Shares of MGP Ingredients (NASDAQ MGPI) opened at $82.48 on Thursday. The stock has a market cap of $1,379.29, a PE ratio of 38.01, a price-to-earnings-growth ratio of 2.52 and a beta of 1.01. MGP Ingredients has a 12 month low of $42.56 and a 12 month high of $90.34. The company has a current ratio of 4.45, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21.
In other MGP Ingredients news, Director Karen Seaberg sold 20,000 shares of MGP Ingredients stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $73.90, for a total value of $1,478,000.00. Following the completion of the transaction, the director now owns 10,591 shares of the company’s stock, valued at $782,674.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Stephen J. Glaser sold 5,800 shares of MGP Ingredients stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $74.92, for a total transaction of $434,536.00. Following the completion of the transaction, the vice president now directly owns 17,080 shares of the company’s stock, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. 23.50% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its stake in MGP Ingredients by 17.7% in the second quarter. Victory Capital Management Inc. now owns 2,165 shares of the company’s stock valued at $111,000 after buying an additional 325 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in MGP Ingredients by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 10,302 shares of the company’s stock valued at $527,000 after buying an additional 478 shares during the last quarter. Rhumbline Advisers lifted its stake in MGP Ingredients by 4.4% in the second quarter. Rhumbline Advisers now owns 14,322 shares of the company’s stock valued at $733,000 after buying an additional 605 shares during the last quarter. Stifel Financial Corp lifted its stake in MGP Ingredients by 9.1% in the second quarter. Stifel Financial Corp now owns 7,731 shares of the company’s stock valued at $398,000 after buying an additional 647 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in MGP Ingredients by 10.8% in the second quarter. Voya Investment Management LLC now owns 6,639 shares of the company’s stock valued at $340,000 after buying an additional 649 shares during the last quarter. Institutional investors own 98.56% of the company’s stock.
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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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