MGP Ingredients' (MGPI) "Outperform" Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of MGP Ingredients (NASDAQ:MGPI - Free Report) in a research note released on Wednesday, Benzinga reports. Wedbush currently has a $120.00 target price on the stock.

Separately, StockNews.com upgraded shares of MGP Ingredients from a sell rating to a hold rating in a research report on Saturday.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI traded down $2.01 during mid-day trading on Wednesday, hitting $79.66. 162,663 shares of the stock were exchanged, compared to its average volume of 211,470. MGP Ingredients has a twelve month low of $75.78 and a twelve month high of $124.96. The stock's fifty day simple moving average is $84.21 and its two-hundred day simple moving average is $91.50. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.47 and a current ratio of 4.51. The company has a market cap of $1.76 billion, a P/E ratio of 16.45, a PEG ratio of 1.18 and a beta of 0.76.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.26. The business had revenue of $214.90 million for the quarter, compared to analyst estimates of $206.87 million. MGP Ingredients had a return on equity of 16.03% and a net margin of 12.72%. MGP Ingredients's revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.01 EPS. As a group, analysts forecast that MGP Ingredients will post 6.18 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.12 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.48 dividend on an annualized basis and a yield of 0.60%. MGP Ingredients's payout ratio is 10.00%.

Insider Activity

In other news, VP Erika Lapish purchased 500 shares of the business's stock in a transaction dated Monday, February 26th. The shares were acquired at an average price of $77.86 per share, with a total value of $38,930.00. Following the completion of the purchase, the vice president now directly owns 550 shares of the company's stock, valued at approximately $42,823. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 28.70% of the company's stock.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. NBC Securities Inc. boosted its position in shares of MGP Ingredients by 21.4% in the 1st quarter. NBC Securities Inc. now owns 8,236 shares of the company's stock worth $719,000 after purchasing an additional 1,451 shares during the last quarter. Moody National Bank Trust Division lifted its stake in MGP Ingredients by 23.5% in the first quarter. Moody National Bank Trust Division now owns 12,943 shares of the company's stock valued at $1,115,000 after buying an additional 2,465 shares during the period. Confluence Investment Management LLC bought a new position in MGP Ingredients during the first quarter worth about $3,026,000. Kingdon Capital Management L.L.C. grew its position in shares of MGP Ingredients by 34.8% during the 4th quarter. Kingdon Capital Management L.L.C. now owns 55,000 shares of the company's stock worth $5,419,000 after buying an additional 14,200 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of MGP Ingredients by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 1,126,323 shares of the company's stock valued at $110,965,000 after acquiring an additional 31,839 shares during the last quarter. 77.11% of the stock is owned by institutional investors.

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.