In a report released today, Ben Klieve from National Securities Corp initiated coverage with a Buy rating on MGP Ingredients (MGPI) and a price target of $50.00. The company’s shares closed last Tuesday at $34.73.
According to TipRanks.com, Klieve is a 1-star analyst with an average return of -5.1% and a 37.8% success rate. Klieve covers the Consumer Goods sector, focusing on stocks such as Arcadia Biosciences, AgroFresh Solutions, and Yield10 Bioscience.
Currently, the analyst consensus on MGP Ingredients is a Moderate Buy with an average price target of $42.33, implying a 22.2% upside from current levels. In a report issued on April 6, SunTrust Robinson also upgraded the stock to Buy with a $40.00 price target.
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MGP Ingredients’ market cap is currently $580.4M and has a P/E ratio of 15.50. The company has a Price to Book ratio of 2.59.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MGPI in relation to earlier this year.
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MGP Ingredients, Inc. engages in the manufacture and trade of food, beverage, specialty wheat protein, and starch food ingredients. It operates through the following segments: Distillery Products and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed and fuel grade alcohol. This segment also includes warehouse services, including barrel put away, barrel storage, and barrel retrieval services. The Ingredient Solutions segment consists of specialty starches and proteins and commodity starches and proteins. The company was founded by Cloud L. Cray in 1941 and is headquartered in Atchison, KS.
