MGP Ingredients (NASDAQ:MGPI) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Separately, Wedbush restated an outperform rating and issued a $120.00 target price on shares of MGP Ingredients in a report on Friday, March 22nd.

MGP Ingredients Price Performance

MGPI stock opened at $81.67 on Friday. MGP Ingredients has a 52 week low of $75.78 and a 52 week high of $124.96. The company has a quick ratio of 1.47, a current ratio of 4.51 and a debt-to-equity ratio of 0.33. The company has a fifty day simple moving average of $84.21 and a two-hundred day simple moving average of $91.50. The firm has a market capitalization of $1.80 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.76.

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

MGP Ingredients Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.59%. The ex-dividend date of this dividend was Thursday, March 14th. MGP Ingredients’s dividend payout ratio is presently 10.00%.

Insider Buying and Selling

In related news, VP Erika Lapish purchased 500 shares of MGP Ingredients stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of $77.86 per share, with a total value of $38,930.00. Following the purchase, the vice president now directly owns 550 shares of the company’s stock, valued at approximately $42,823. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 28.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Mariner LLC increased its position in MGP Ingredients by 0.3% during the 3rd quarter. Mariner LLC now owns 54,569 shares of the company’s stock valued at $5,756,000 after purchasing an additional 142 shares during the period. FMR LLC grew its position in shares of MGP Ingredients by 8.8% in the 1st quarter. FMR LLC now owns 1,763 shares of the company’s stock worth $171,000 after buying an additional 142 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of MGP Ingredients by 7.7% in the 3rd quarter. Penserra Capital Management LLC now owns 2,046 shares of the company’s stock worth $215,000 after buying an additional 146 shares during the last quarter. KLR Investment Advisors LLC grew its position in shares of MGP Ingredients by 5.8% in the 3rd quarter. KLR Investment Advisors LLC now owns 2,911 shares of the company’s stock worth $282,000 after buying an additional 159 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of MGP Ingredients by 4.6% in the 1st quarter. Bank of Montreal Can now owns 3,769 shares of the company’s stock worth $331,000 after buying an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.