BidaskClub Upgrades MGP Ingredients (NASDAQ:MGPI) to “Buy”

MGP Ingredients (NASDAQ:MGPI) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Tuesday, BidAskClub reports.

Separately, Zacks Investment Research downgraded shares of MGP Ingredients from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 1st.

MGP Ingredients stock opened at $62.02 on Tuesday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 28.58 and a beta of 1.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.25 and a quick ratio of 1.59. MGP Ingredients has a fifty-two week low of $53.66 and a fifty-two week high of $100.00.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Wednesday, May 1st. The company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.07. The firm had revenue of $89.10 million during the quarter, compared to analyst estimates of $91.25 million. MGP Ingredients had a net margin of 9.97% and a return on equity of 19.31%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. Equities analysts forecast that MGP Ingredients will post 2.61 earnings per share for the current fiscal year.

In other news, Director Karen Seaberg sold 1,546 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $77.75, for a total transaction of $120,201.50. Following the transaction, the director now owns 12,682 shares in the company, valued at approximately $986,025.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 24.26% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Hawaiian Bank increased its stake in MGP Ingredients by 74.2% in the first quarter. First Hawaiian Bank now owns 472 shares of the company’s stock valued at $36,000 after acquiring an additional 201 shares during the period. Marshall Wace North America L.P. bought a new stake in MGP Ingredients in the first quarter valued at about $37,000. Bank of Montreal Can increased its stake in MGP Ingredients by 437.4% in the fourth quarter. Bank of Montreal Can now owns 489 shares of the company’s stock valued at $28,000 after acquiring an additional 398 shares during the period. Group One Trading L.P. bought a new stake in MGP Ingredients in the fourth quarter valued at about $40,000. Finally, US Bancorp DE increased its stake in MGP Ingredients by 26.0% in the first quarter. US Bancorp DE now owns 2,180 shares of the company’s stock valued at $168,000 after acquiring an additional 450 shares during the period. 98.10% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products 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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