BidaskClub Lowers MGP Ingredients (MGPI) to Strong Sell

BidaskClub lowered shares of MGP Ingredients (NASDAQ:MGPI) from a sell rating to a strong sell rating in a research report sent to investors on Thursday morning.

A number of other research firms have also recently commented on MGPI. Zacks Investment Research raised shares of MGP Ingredients from a sell rating to a hold rating in a research report on Saturday, December 1st. ValuEngine cut shares of MGP Ingredients from a buy rating to a hold rating in a research report on Monday, August 20th. Finally, SunTrust Banks reduced their target price on shares of MGP Ingredients to $90.00 and set a buy rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. MGP Ingredients has an average rating of Hold and a consensus price target of $88.00.

NASDAQ MGPI opened at $56.51 on Thursday. MGP Ingredients has a 52 week low of $53.66 and a 52 week high of $99.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.69 and a current ratio of 5.07. The firm has a market cap of $952.53 million, a PE ratio of 27.84 and a beta of 1.16.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, November 1st. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. MGP Ingredients had a net margin of 10.48% and a return on equity of 19.23%. The business had revenue of $95.00 million for the quarter, compared to analysts’ expectations of $93.08 million. During the same period in the previous year, the company posted $0.82 earnings per share. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, equities research analysts anticipate that MGP Ingredients will post 2.09 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were issued a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $0.32 annualized dividend and a yield of 0.57%. MGP Ingredients’s dividend payout ratio is presently 17.11%.

In related news, VP K. Pigott Thomas purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The shares were purchased at an average cost of $65.91 per share, with a total value of $65,910.00. Following the completion of the acquisition, the vice president now directly owns 31,432 shares of the company’s stock, valued at approximately $2,071,683.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Seaberg sold 7,644 shares of the company’s stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $78.69, for a total transaction of $601,506.36. Following the completion of the sale, the director now directly owns 11,864 shares in the company, valued at $933,578.16. The disclosure for this sale can be found here. Insiders sold 45,681 shares of company stock worth $3,104,270 over the last ninety days. 22.19% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of MGPI. Price Capital Management Inc. acquired a new stake in MGP Ingredients in the third quarter valued at $126,000. PNC Financial Services Group Inc. increased its stake in MGP Ingredients by 1,684.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,052 shares of the company’s stock valued at $182,000 after purchasing an additional 1,937 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new stake in MGP Ingredients during the third quarter valued at $199,000. UMB Bank N A MO bought a new stake in MGP Ingredients during the third quarter valued at $215,000. Finally, United Services Automobile Association bought a new stake in MGP Ingredients during the second quarter valued at $218,000. 98.10% of the stock is currently owned by hedge funds and other institutional investors.

About MGP Ingredients

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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