MGP Ingredients (NASDAQ:MGPI) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a report issued on Tuesday morning, BidAskClub reports.

Other equities research analysts also recently issued reports about the company. ValuEngine upgraded United Overseas Bank from a sell rating to a hold rating in a research note on Monday, June 17th. Zacks Investment Research downgraded W. R. Grace & Co from a buy rating to a hold rating in a research note on Wednesday, May 1st.

MGP Ingredients stock opened at $67.49 on Tuesday. The company’s 50-day moving average price is $64.38. The company has a market cap of $1.18 billion, a P/E ratio of 31.10 and a beta of 1.75. MGP Ingredients has a 52-week low of $53.66 and a 52-week high of $100.00. The company has a current ratio of 5.25, a quick ratio of 1.59 and a debt-to-equity ratio of 0.21.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.07. The business had revenue of $89.10 million during the quarter, compared to the consensus estimate of $91.25 million. MGP Ingredients had a return on equity of 19.31% and a net margin of 9.97%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. On average, equities research analysts forecast that MGP Ingredients will post 2.62 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund acquired a new position in MGP Ingredients in the fourth quarter valued at approximately $274,000. BlackRock Inc. raised its holdings in MGP Ingredients by 2.8% in the fourth quarter. BlackRock Inc. now owns 1,886,417 shares of the company’s stock worth $107,621,000 after purchasing an additional 50,807 shares during the period. Texas Permanent School Fund raised its holdings in MGP Ingredients by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 8,273 shares of the company’s stock worth $472,000 after purchasing an additional 322 shares during the period. Citigroup Inc. raised its holdings in MGP Ingredients by 11.6% in the fourth quarter. Citigroup Inc. now owns 9,672 shares of the company’s stock worth $551,000 after purchasing an additional 1,003 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in MGP Ingredients in the fourth quarter worth $383,000. 98.10% of the stock is currently owned by hedge funds and other institutional investors.

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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