MGP Ingredients (NASDAQ:MGPI) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued on Thursday.
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. “
Several other equities analysts have also commented on MGPI. SunTrust Banks reaffirmed a “buy” rating on shares of MGP Ingredients in a report on Friday, November 3rd. Stifel Nicolaus started coverage on MGP Ingredients in a report on Tuesday, December 5th. They set a “hold” rating and a $73.00 target price for the company. BidaskClub lowered MGP Ingredients from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 9th. Craig Hallum reaffirmed a “buy” rating and set a $105.00 target price (up from $90.00) on shares of MGP Ingredients in a report on Monday, January 29th. Finally, Sidoti raised MGP Ingredients from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. MGP Ingredients has a consensus rating of “Buy” and an average price target of $81.00.
MGP Ingredients (NASDAQ MGPI) opened at $86.65 on Thursday. The company has a market capitalization of $1,407.89, a P/E ratio of 39.93, a PEG ratio of 2.57 and a beta of 1.01. MGP Ingredients has a fifty-two week low of $43.10 and a fifty-two week 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 related news, VP Stephen J. Glaser sold 5,800 shares of the stock in a transaction that occurred on Tuesday, December 19th. The stock was 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 approximately $1,279,633.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Seaberg sold 20,000 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 23.50% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. MetLife Investment Advisors LLC bought a new position in MGP Ingredients in the 4th quarter worth approximately $418,000. Millennium Management LLC bought a new position in MGP Ingredients in the 4th quarter worth approximately $219,000. Earnest Partners LLC bought a new position in MGP Ingredients in the 4th quarter worth approximately $115,000. Two Sigma Investments LP bought a new position in MGP Ingredients in the 4th quarter worth approximately $349,000. Finally, Deutsche Bank AG grew its holdings in MGP Ingredients by 134.1% in the 4th quarter. Deutsche Bank AG now owns 28,546 shares of the company’s stock worth $2,193,000 after buying an additional 16,352 shares in the last quarter. 96.63% of the stock is owned by institutional investors and hedge funds.
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MGP Ingredients Company Profile
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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