MGP Ingredients’ (MGPI) Outperform Rating Reaffirmed at Wedbush

MGP Ingredients (NASDAQ:MGPI)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research report issued on Wednesday, Benzinga reports. They presently have a $120.00 price objective on the stock. Wedbush’s price target points to a potential upside of 54.36% from the stock’s current price.

Separately, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Saturday, April 6th.

MGP Ingredients Stock Down 2.4 %

MGP Ingredients stock opened at $77.74 on Wednesday. MGP Ingredients has a fifty-two week low of $75.78 and a fifty-two week high of $124.96. The stock has a market cap of $1.72 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 1.18 and a beta of 0.76. The firm’s 50-day simple moving average is $83.98 and its 200 day simple moving average is $91.33. 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 released its quarterly earnings results on Thursday, February 22nd. The company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.26. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The business had revenue of $214.90 million for the quarter, compared to analysts’ expectations of $206.87 million. During the same period in the previous year, the company earned $1.01 earnings per share. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. Research analysts predict that MGP Ingredients will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Erika Lapish purchased 500 shares of the business’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $77.86 per share, with a total value of $38,930.00. Following the purchase, the vice president now directly owns 550 shares in the company, valued at $42,823. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 28.70% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tudor Investment Corp Et Al purchased a new position in MGP Ingredients in the 3rd quarter worth approximately $2,985,000. Victory Capital Management Inc. boosted its stake in shares of MGP Ingredients by 58.0% in the 3rd quarter. Victory Capital Management Inc. now owns 217,403 shares of the company’s stock valued at $22,932,000 after purchasing an additional 79,791 shares in the last quarter. KLR Investment Advisors LLC boosted its stake in shares of MGP Ingredients by 5.8% in the 3rd quarter. KLR Investment Advisors LLC now owns 2,911 shares of the company’s stock valued at $282,000 after purchasing an additional 159 shares in the last quarter. HighTower Advisors LLC purchased a new stake in shares of MGP Ingredients in the 3rd quarter valued at $493,000. Finally, Redwood Investments LLC boosted its stake in shares of MGP Ingredients by 14.2% in the 3rd quarter. Redwood Investments LLC now owns 140,494 shares of the company’s stock valued at $14,819,000 after purchasing an additional 17,498 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Company Profile

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.