MGP Ingredients (NASDAQ:MGPI) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a report released on Thursday.

Separately, Wedbush restated an outperform rating and set a $120.00 price objective on shares of MGP Ingredients in a report on Wednesday, April 10th.

MGP Ingredients Trading Up 2.1 %

Shares of MGPI stock opened at $79.45 on Thursday. The stock has a market cap of $1.75 billion, a P/E ratio of 16.55, a P/E/G ratio of 1.14 and a beta of 0.76. MGP Ingredients has a fifty-two week low of $75.78 and a fifty-two week high of $124.96. The business has a fifty day simple moving average of $83.42 and a 200-day simple moving average of $90.44. The company has a quick ratio of 1.47, a current ratio of 4.51 and a debt-to-equity ratio of 0.33.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.26. The business had revenue of $214.90 million for the quarter, compared to the consensus estimate of $206.87 million. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. The business’s revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 earnings per share. On average, analysts forecast that MGP Ingredients will post 6.18 earnings per share for the current fiscal year.

MGP Ingredients Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. MGP Ingredients’s dividend payout ratio is presently 10.00%.

Insider Activity at MGP Ingredients

In related news, VP Erika Lapish purchased 500 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were bought at an average price of $77.86 per share, for a total transaction of $38,930.00. Following the acquisition, the vice president now directly owns 550 shares in the company, valued at $42,823. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 28.70% of the stock is owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

A number of large investors have recently modified their holdings of the company. Money Concepts Capital Corp acquired a new stake in MGP Ingredients during the 4th quarter worth approximately $32,000. Global Retirement Partners LLC increased its position in shares of MGP Ingredients by 464.8% in the fourth quarter. Global Retirement Partners LLC now owns 401 shares of the company’s stock worth $37,000 after acquiring an additional 330 shares in the last quarter. Legacy Financial Group LLC purchased a new position in shares of MGP Ingredients in the 3rd quarter valued at $61,000. Quest Partners LLC acquired a new position in shares of MGP Ingredients during the 4th quarter valued at $72,000. Finally, Lazard Asset Management LLC boosted its position in MGP Ingredients by 219.0% during the 4th quarter. Lazard Asset Management LLC now owns 721 shares of the company’s stock worth $76,000 after purchasing an additional 495 shares during the period. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.