MGP Ingredients, Inc. (NASDAQ:MGPI) was downgraded by analysts at Sidoti from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, May 15th, StockTargetPrices.com reports.
A number of other analysts have also recently weighed in on MGPI. Craig Hallum set a $70.00 price target on shares of MGP Ingredients and gave the company a “buy” rating in a report on Saturday, May 6th. Zacks Investment Research upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Wednesday, May 10th.
Shares of MGP Ingredients (MGPI) traded up 1.59% on Monday, reaching $51.80. 104,646 shares of the company’s stock traded hands. The company has a market cap of $865.53 million, a PE ratio of 27.12 and a beta of 0.92. The stock has a 50-day moving average price of $52.30 and a 200-day moving average price of $49.58. MGP Ingredients has a 12-month low of $31.93 and a 12-month high of $58.00.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. MGP Ingredients had a net margin of 9.52% and a return on equity of 22.54%. The business had revenue of $87.20 million for the quarter, compared to analysts’ expectations of $78.36 million. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. Equities research analysts anticipate that MGP Ingredients will post $1.77 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 9th. Investors of record on Monday, May 15th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.31%. The ex-dividend date was Thursday, May 11th. MGP Ingredients’s payout ratio is currently 8.42%.
In related news, Director Karen Seaberg sold 4,629 shares of the stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $54.00, for a total value of $249,966.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $540,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 16,931 shares of company stock valued at $927,152 over the last ninety days. 29.50% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC raised its position in shares of MGP Ingredients by 106.4% in the first quarter. Neuberger Berman Group LLC now owns 1,109,583 shares of the company’s stock valued at $60,173,000 after buying an additional 571,983 shares during the last quarter. Laurion Capital Management LP bought a new position in shares of MGP Ingredients during the first quarter valued at approximately $418,000. Suffolk Capital Management LLC bought a new position in shares of MGP Ingredients during the first quarter valued at approximately $1,228,000. Millrace Asset Group Inc. raised its position in shares of MGP Ingredients by 12.3% in the first quarter. Millrace Asset Group Inc. now owns 33,911 shares of the company’s stock valued at $1,839,000 after buying an additional 3,711 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its position in shares of MGP Ingredients by 3.5% in the first quarter. Conestoga Capital Advisors LLC now owns 688,874 shares of the company’s stock valued at $37,358,000 after buying an additional 23,207 shares during the last quarter. 97.57% of the stock is owned by hedge funds and other institutional investors.
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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