Analysts Set MGP Ingredients Inc (MGPI) Target Price at $87.33

MGP Ingredients Inc (NASDAQ:MGPI) has been given an average recommendation of “Buy” by the six analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $87.33.

MGPI has been the topic of several research reports. Sidoti upgraded shares of MGP Ingredients from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Zacks Investment Research cut shares of MGP Ingredients from a “buy” rating to a “hold” rating in a report on Thursday, November 23rd. BidaskClub cut shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 9th. SunTrust Banks restated a “buy” rating on shares of MGP Ingredients in a report on Friday, November 3rd. Finally, Stifel Nicolaus started coverage on shares of MGP Ingredients in a report on Tuesday, December 5th. They issued a “hold” rating and a $73.00 target price on the stock.

Shares of MGP Ingredients (MGPI) traded down $1.36 during mid-day trading on Friday, reaching $85.18. 91,100 shares of the company traded hands, compared to its average volume of 146,435. MGP Ingredients has a 52 week low of $43.10 and a 52 week high of $90.34. The company has a quick ratio of 1.54, a current ratio of 4.45 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $1,447.36, a PE ratio of 39.25, a P/E/G ratio of 2.64 and a beta of 1.01.

In other 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 transaction of $1,478,000.00. Following the transaction, the director now owns 10,591 shares in the company, valued at approximately $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 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 transaction, the vice president now owns 17,080 shares in the company, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. Company insiders own 23.50% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. raised its position in shares of MGP Ingredients by 31.0% during the 2nd quarter. Alliancebernstein L.P. now owns 14,800 shares of the company’s stock valued at $757,000 after purchasing an additional 3,500 shares during the period. Teachers Advisors LLC raised its position in shares of MGP Ingredients by 4.2% during the 2nd quarter. Teachers Advisors LLC now owns 23,791 shares of the company’s stock valued at $1,217,000 after purchasing an additional 962 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of MGP Ingredients by 2.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 34,753 shares of the company’s stock valued at $1,778,000 after purchasing an additional 944 shares during the period. Northern Trust Corp raised its position in shares of MGP Ingredients by 4.6% during the 2nd quarter. Northern Trust Corp now owns 156,804 shares of the company’s stock valued at $8,024,000 after purchasing an additional 6,927 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of MGP Ingredients by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 513,735 shares of the company’s stock valued at $26,288,000 after purchasing an additional 5,968 shares during the period. Institutional investors and hedge funds own 96.63% 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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