Wedbush Reaffirms Outperform Rating for MGP Ingredients (NASDAQ:MGPI)

Wedbush reissued their outperform rating on shares of MGP Ingredients (NASDAQ:MGPI) in a research note released on Monday, Benzinga reports. Wedbush currently has a $120.00 price target on the stock.

A number of other brokerages also recently issued reports on MGPI. Roth Mkm lowered their price target on MGP Ingredients from $100.00 to $95.00 and set a buy rating for the company in a report on Thursday, April 25th. StockNews.com cut shares of MGP Ingredients from a hold rating to a sell rating in a report on Friday, April 26th.

MGP Ingredients Stock Down 0.2 %

MGPI stock opened at $78.25 on Monday. The company’s 50 day moving average price is $82.01 and its 200 day moving average price is $89.05. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.20 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 company has a debt-to-equity ratio of 0.33, a quick ratio of 1.47 and a current ratio of 4.51.

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

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 0.61%. MGP Ingredients’s dividend payout ratio is presently 10.00%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, VP Erika Lapish bought 500 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $77.86 per share, with a total value of $38,930.00. Following the acquisition, the vice president now directly owns 550 shares of the company’s stock, valued at approximately $42,823. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 36.20% of the stock is owned by company insiders.

Institutional Trading of MGP Ingredients

A number of large investors have recently bought and sold shares of the business. Global Retirement Partners LLC raised its holdings 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 valued at $37,000 after buying an additional 330 shares during the last quarter. Legacy Financial Group LLC purchased a new stake in MGP Ingredients during the 3rd quarter valued at approximately $61,000. Quest Partners LLC purchased a new stake in MGP Ingredients during the 4th quarter valued at approximately $72,000. Bare Financial Services Inc acquired a new stake in MGP Ingredients during the 4th quarter worth approximately $106,000. Finally, Quantbot Technologies LP grew its stake in shares of MGP Ingredients by 99.9% in the 3rd quarter. Quantbot Technologies LP now owns 1,641 shares of the company’s stock valued at $173,000 after purchasing an additional 820 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company’s stock.

About MGP Ingredients

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.