MGP Ingredients (NASDAQ:MGPI) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of MGP Ingredients (NASDAQ:MGPIGet Rating) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. They currently have $107.00 price objective on the stock.

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. “

A number of other analysts also recently weighed in on the company. Lake Street Capital began coverage on MGP Ingredients in a research report on Tuesday, February 22nd. They issued a buy rating and a $100.00 target price for the company. StockNews.com initiated coverage on shares of MGP Ingredients in a report on Thursday, March 31st. They issued a hold rating for the company. Finally, Cowen initiated coverage on shares of MGP Ingredients in a report on Friday, January 21st. They set an outperform rating and a $99.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $101.50.

MGP Ingredients stock opened at $102.31 on Tuesday. MGP Ingredients has a fifty-two week low of $58.40 and a fifty-two week high of $102.88. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.61 and a current ratio of 4.68. The stock has a market cap of $2.25 billion, a P/E ratio of 20.14 and a beta of 1.14. The firm’s fifty day moving average price is $89.19 and its 200-day moving average price is $83.03.

MGP Ingredients (NASDAQ:MGPIGet Rating) last released its earnings results on Thursday, May 5th. The company reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.73. MGP Ingredients had a return on equity of 17.20% and a net margin of 15.82%. The business had revenue of $195.24 million for the quarter, compared to analysts’ expectations of $173.60 million. During the same quarter in the prior year, the firm earned $1.01 earnings per share. The firm’s revenue was up 80.2% on a year-over-year basis. On average, analysts predict that MGP Ingredients will post 4.33 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 3rd. Shareholders of record on Friday, May 20th will be paid a $0.12 dividend. The ex-dividend date is Thursday, May 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.47%. MGP Ingredients’s dividend payout ratio (DPR) is currently 9.45%.

In other MGP Ingredients news, Director Karen Seaberg sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $88.72, for a total transaction of $310,520.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michele Lux acquired 5,000 shares of the business’s stock in a transaction dated Monday, March 14th. The stock was acquired at an average price of $77.36 per share, for a total transaction of $386,800.00. The disclosure for this purchase can be found here. In the last three months, insiders have sold 15,956 shares of company stock valued at $1,403,315. Insiders own 36.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in MGP Ingredients by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 94,881 shares of the company’s stock valued at $8,122,000 after acquiring an additional 2,758 shares in the last quarter. Mariner LLC boosted its stake in shares of MGP Ingredients by 1.1% during the 1st quarter. Mariner LLC now owns 63,132 shares of the company’s stock valued at $5,404,000 after purchasing an additional 688 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of MGP Ingredients by 60.5% during the 1st quarter. Penserra Capital Management LLC now owns 3,332 shares of the company’s stock valued at $285,000 after purchasing an additional 1,256 shares in the last quarter. Bridgewater Associates LP increased its position in shares of MGP Ingredients by 26.8% during the first quarter. Bridgewater Associates LP now owns 36,830 shares of the company’s stock valued at $3,152,000 after buying an additional 7,795 shares during the period. Finally, Vanguard Group Inc. raised its stake in MGP Ingredients by 1.9% in the first quarter. Vanguard Group Inc. now owns 1,004,385 shares of the company’s stock worth $85,964,000 after buying an additional 18,839 shares in the last quarter. 77.38% of the stock is owned by institutional investors.

About MGP Ingredients (Get Rating)

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; 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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