MGP Ingredients (NASDAQ:MGPI) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, BidAskClub reports.
A number of other analysts also recently weighed in on the company. TheStreet downgraded MGP Ingredients from a “b-” rating to a “c+” rating in a report on Monday, August 26th. Zacks Investment Research downgraded MGP Ingredients from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Craig Hallum reiterated a “buy” rating and set a $100.00 price target (down from $105.00) on shares of MGP Ingredients in a report on Wednesday, July 31st. Finally, ValuEngine upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $83.67.
NASDAQ MGPI opened at $46.51 on Friday. The company has a market capitalization of $799.66 million, a price-to-earnings ratio of 21.43 and a beta of 1.60. MGP Ingredients has a twelve month low of $44.12 and a twelve month high of $100.00. The stock has a fifty day simple moving average of $49.57 and a 200 day simple moving average of $63.05. The company has a quick ratio of 1.59, a current ratio of 5.26 and a debt-to-equity ratio of 0.22.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). The company had revenue of $90.50 million during the quarter, compared to analyst estimates of $91.54 million. MGP Ingredients had a net margin of 10.00% and a return on equity of 18.75%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 earnings per share. Research analysts expect that MGP Ingredients will post 2.65 earnings per share for the current fiscal year.
In other MGP Ingredients news, insider Augustus C. Griffin purchased 2,500 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was purchased at an average cost of $47.75 per share, for a total transaction of $119,375.00. Following the acquisition, the insider now owns 118,630 shares in the company, valued at approximately $5,664,582.50. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 24.26% of the company’s stock.
A number of institutional investors have recently modified their holdings of MGPI. Marshall Wace North America L.P. acquired a new stake in MGP Ingredients during the 1st quarter worth about $37,000. NumerixS Investment Technologies Inc bought a new position in shares of MGP Ingredients during the 2nd quarter worth about $76,000. Bank of Montreal Can boosted its position in shares of MGP Ingredients by 360.9% during the 2nd quarter. Bank of Montreal Can now owns 1,392 shares of the company’s stock worth $92,000 after purchasing an additional 1,090 shares in the last quarter. UMB Bank N A MO boosted its position in shares of MGP Ingredients by 20.1% during the 2nd quarter. UMB Bank N A MO now owns 3,580 shares of the company’s stock worth $237,000 after purchasing an additional 600 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of MGP Ingredients by 8.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 3,986 shares of the company’s stock worth $264,000 after purchasing an additional 309 shares in the last quarter.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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