MGP Ingredients (NASDAQ:MGPI) Downgraded to Sell at BidaskClub

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

Several other equities research analysts have also weighed in on the company. ValuEngine lowered MGP Ingredients from a hold rating to a sell rating in a research report on Monday, June 17th. Craig Hallum restated a buy rating and set a $100.00 price target (down from $105.00) on shares of MGP Ingredients in a research report on Wednesday, July 31st. Finally, Zacks Investment Research upgraded MGP Ingredients from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Saturday, August 3rd. Two investment analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $83.67.

Shares of MGPI stock opened at $45.10 on Tuesday. The firm has a market cap of $810.56 million, a P/E ratio of 20.78 and a beta of 1.73. MGP Ingredients has a fifty-two week low of $44.28 and a fifty-two week high of $100.00. The business’s 50 day moving average price is $59.71 and its 200-day moving average price is $69.63. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.59 and a current ratio of 5.26.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.06). MGP Ingredients had a net margin of 10.00% and a return on equity of 18.75%. The firm had revenue of $90.50 million for the quarter, compared to the consensus estimate of $91.54 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities analysts predict that MGP Ingredients will post 2.65 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Wednesday, August 14th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.89%. MGP Ingredients’s dividend payout ratio is presently 18.43%.

In other news, insider Augustus C. Griffin purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average cost of $47.75 per share, for a total transaction of $119,375.00. Following the completion of the transaction, the insider now directly owns 118,630 shares of the company’s stock, valued at approximately $5,664,582.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 24.26% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Conestoga Capital Advisors LLC boosted its holdings in MGP Ingredients by 2.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,241,064 shares of the company’s stock worth $82,295,000 after acquiring an additional 32,772 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in MGP Ingredients by 19.8% in the first quarter. Champlain Investment Partners LLC now owns 925,220 shares of the company’s stock worth $71,381,000 after acquiring an additional 152,810 shares in the last quarter. Vanguard Group Inc. boosted its holdings in MGP Ingredients by 9.7% in the second quarter. Vanguard Group Inc. now owns 913,858 shares of the company’s stock worth $60,598,000 after acquiring an additional 80,664 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in MGP Ingredients by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock worth $41,840,000 after acquiring an additional 3,196 shares in the last quarter. Finally, Stephens Investment Management Group LLC boosted its holdings in MGP Ingredients by 15.8% in the first quarter. Stephens Investment Management Group LLC now owns 688,802 shares of the company’s stock worth $53,141,000 after acquiring an additional 93,809 shares in the last quarter. 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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