Published On: Wed, Sep 7th, 2016

David E. Rindom Sells 5,000 Shares of MGP Ingredients Inc. (MGPI) Stock

MGP Ingredients Inc. (NASDAQ:MGPI) VP David E. Rindom sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $40.25, for a total value of $201,250.00. Following the sale, the vice president now directly owns 24,767 shares of the company’s stock, valued at $996,871.75. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Shares of MGP Ingredients Inc. (NASDAQ:MGPI) traded down 0.10% on Tuesday, hitting $40.55. The company had a trading volume of 166,284 shares. The firm has a 50 day moving average of $38.19 and a 200-day moving average of $31.30. MGP Ingredients Inc. has a 12-month low of $15.00 and a 12-month high of $44.25. The firm has a market capitalization of $677.06 million and a P/E ratio of 26.49.
MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Wednesday, August 3rd. The company reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.03. The firm earned $82.17 million during the quarter, compared to the consensus estimate of $92.07 million. On average, equities analysts predict that MGP Ingredients Inc. will post $1.58 EPS for the current year.

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A number of research firms have recently weighed in on MGPI. Zacks Investment Research downgraded MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 23rd. SunTrust Banks began coverage on MGP Ingredients in a research note on Thursday, June 23rd. They set a “buy” rating and a $50.00 price target for the company. Finally, Craig Hallum began coverage on MGP Ingredients in a research note on Wednesday, May 25th. They set a “buy” rating and a $42.00 price target for the company.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Monday, August 15th will be paid a dividend of $0.02 per share. The ex-dividend date is Thursday, August 11th. This represents a $0.08 dividend on an annualized basis and a yield of 0.20%.
MGP Ingredients, Inc is a holding company. The Company’s principal operating subsidiaries are MGPI Processing, Inc and MGPI of Indiana, LLC (MGPI-I). The Company produces and supplies distilled spirits, and wheat proteins and starches. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin.

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