Craig Hallum Reaffirms “Buy” Rating for MGP Ingredients (MGPI)

MGP Ingredients (NASDAQ:MGPI)‘s stock had its “buy” rating reaffirmed by research analysts at Craig Hallum in a note issued to investors on Monday, January 29th. They presently have a $105.00 price objective on the stock, up from their previous price objective of $90.00. Craig Hallum’s price target points to a potential upside of 21.33% from the company’s previous close.

A number of other equities research analysts have also commented on MGPI. Zacks Investment Research lowered MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Stifel Nicolaus began coverage on MGP Ingredients in a research report on Tuesday, December 5th. They issued a “hold” rating and a $73.00 target price on the stock. SunTrust Banks reiterated a “buy” rating on shares of MGP Ingredients in a research report on Friday, November 3rd. Finally, BidaskClub lowered MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. MGP Ingredients has a consensus rating of “Buy” and an average target price of $81.00.

Shares of MGP Ingredients (NASDAQ:MGPI) opened at $86.54 on Monday. The company has a market capitalization of $1,423.94, a P/E ratio of 40.34, a P/E/G ratio of 2.60 and a beta of 1.01. MGP Ingredients has a 52-week low of $43.10 and a 52-week high of $90.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.45 and a quick ratio of 1.54.

In other MGP Ingredients news, Director Karen Seaberg sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was 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 directly owns 10,591 shares of the company’s stock, valued at $782,674.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen J. Glaser sold 5,800 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $74.92, for a total value 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 $1,279,633.60. The disclosure for this sale can be found here. Insiders own 23.50% of the company’s stock.

Large investors have recently made changes to their positions in the business. Earnest Partners LLC acquired a new position in MGP Ingredients in the fourth quarter valued at approximately $115,000. SG Americas Securities LLC acquired a new position in shares of MGP Ingredients during the 3rd quarter worth approximately $128,000. ETF Managers Group LLC acquired a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $134,000. Advisor Group Inc. raised its stake in shares of MGP Ingredients by 636.1% during the 4th quarter. Advisor Group Inc. now owns 2,488 shares of the company’s stock worth $191,000 after buying an additional 2,150 shares during the period. Finally, Suntrust Banks Inc. acquired a new position in shares of MGP Ingredients during the 2nd quarter worth approximately $208,000. 98.56% of the stock is owned by institutional investors.

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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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