MGP Ingredients (NASDAQ:MGPI) Stock Price Up 5.5%

MGP Ingredients Inc (NASDAQ:MGPI)’s share price rose 5.5% during trading on Thursday . The stock traded as high as $27.77 and last traded at $27.65, approximately 285,600 shares changed hands during mid-day trading. An increase of 10% from the average daily volume of 260,254 shares. The stock had previously closed at $26.21.

MGPI has been the topic of several research reports. Zacks Investment Research cut shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a research report on Friday, January 31st. Craig Hallum cut their price objective on MGP Ingredients from $40.00 to $32.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. BidaskClub upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Finally, SunTrust Banks restated a “hold” rating and set a $45.00 price objective on shares of MGP Ingredients in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $46.00.

The firm has a market cap of $446.88 million, a P/E ratio of 12.18 and a beta of 1.50. The company has a 50 day moving average of $28.91 and a 200 day moving average of $41.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.20 and a current ratio of 4.69.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.06. The business had revenue of $92.50 million during the quarter, compared to analysts’ expectations of $91.54 million. MGP Ingredients had a return on equity of 17.76% and a net margin of 10.63%. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.69 EPS. As a group, analysts expect that MGP Ingredients Inc will post 2.03 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were paid a $0.12 dividend. This is a boost from MGP Ingredients’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 1.74%. MGP Ingredients’s payout ratio is presently 21.15%.

In related news, Director David Colo bought 3,600 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $27.73 per share, with a total value of $99,828.00. Following the completion of the transaction, the director now directly owns 14,239 shares of the company’s stock, valued at $394,847.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Augustus C. Griffin bought 2,500 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were bought at an average cost of $24.65 per share, with a total value of $61,625.00. Following the transaction, the chief executive officer now directly owns 121,809 shares of the company’s stock, valued at $3,002,591.85. The disclosure for this purchase can be found here. In the last three months, insiders purchased 16,953 shares of company stock valued at $438,424. 24.26% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Great West Life Assurance Co. Can bought a new stake in MGP Ingredients during the fourth quarter worth approximately $778,000. Diversified Trust Co boosted its position in MGP Ingredients by 22.8% during the fourth quarter. Diversified Trust Co now owns 6,200 shares of the company’s stock worth $300,000 after purchasing an additional 1,150 shares during the period. AdvisorShares Investments LLC bought a new stake in MGP Ingredients during the fourth quarter worth approximately $211,000. Squarepoint Ops LLC lifted its holdings in shares of MGP Ingredients by 193.5% during the third quarter. Squarepoint Ops LLC now owns 23,482 shares of the company’s stock worth $1,167,000 after buying an additional 15,482 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of MGP Ingredients by 39.9% during the third quarter. First Trust Advisors LP now owns 7,209 shares of the company’s stock worth $358,000 after buying an additional 2,056 shares during the last quarter.

About MGP Ingredients (NASDAQ:MGPI)

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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