MGP Ingredients (NASDAQ:MGPI) Rating Reiterated by Wedbush

MGP Ingredients (NASDAQ:MGPIGet Free Report)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a report released on Friday, Benzinga reports. They presently have a $120.00 target price on the stock. Wedbush’s target price indicates a potential upside of 44.04% from the stock’s previous close.

Separately, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Thursday.

View Our Latest Stock Report on MGPI

MGP Ingredients Price Performance

Shares of NASDAQ MGPI opened at $83.31 on Friday. MGP Ingredients has a twelve month low of $75.78 and a twelve month 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 stock’s 50 day moving average price is $85.62 and its 200-day moving average price is $93.73. The company has a market capitalization of $1.84 billion, a PE ratio of 17.36, a PEG ratio of 1.24 and a beta of 0.75.

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

Insiders Place Their Bets

In other MGP Ingredients news, VP Erika Lapish acquired 500 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 550 shares of the company’s stock, valued at approximately $42,823. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other MGP Ingredients news, VP Erika Lapish acquired 500 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 550 shares of the company’s stock, valued at approximately $42,823. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karen Seaberg sold 2,544 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $99.68, for a total value of $253,585.92. Following the completion of the sale, the director now owns 55,377 shares in the company, valued at approximately $5,519,979.36. The disclosure for this sale can be found here. Company insiders own 28.70% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

A number of large investors have recently added to or reduced their stakes in MGPI. JPMorgan Chase & Co. raised its position in MGP Ingredients by 13.3% during the first quarter. JPMorgan Chase & Co. now owns 44,588 shares of the company’s stock valued at $3,817,000 after purchasing an additional 5,249 shares in the last quarter. Citigroup Inc. raised its position in MGP Ingredients by 9.1% during the first quarter. Citigroup Inc. now owns 11,105 shares of the company’s stock valued at $951,000 after purchasing an additional 928 shares in the last quarter. PNC Financial Services Group Inc. raised its position in MGP Ingredients by 22.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock valued at $120,000 after purchasing an additional 254 shares in the last quarter. Bank of Montreal Can raised its position in MGP Ingredients by 4.6% during the first quarter. Bank of Montreal Can now owns 3,769 shares of the company’s stock valued at $331,000 after purchasing an additional 165 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in MGP Ingredients by 54.9% during the first quarter. MetLife Investment Management LLC now owns 7,449 shares of the company’s stock valued at $638,000 after purchasing an additional 2,640 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

About MGP Ingredients

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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.

Further Reading

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