Stock Worth Watching: Time to Reconsider MGP Ingredients Inc After Reaching 52-Week High?

Stock Worth Watching: Time to Reconsider MGP Ingredients Inc After Reaching 52 Week High?

The stock of MGP Ingredients Inc (NASDAQ:MGPI) hit a new 52-week high and has $50.36 target or 3.00% above today’s $48.89 share price. The 5 months bullish chart indicates low risk for the $814.44 million company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $50.36 price target is reached, the company will be worth $24.43 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 98,727 shares traded hands. MGP Ingredients Inc (NASDAQ:MGPI) has risen 80.56% since April 20, 2016 and is uptrending. It has outperformed by 76.00% the S&P500.

According to Zacks Investment Research, “MGP Ingredients, Inc. produces and markets ingredients and distillery products to the packaged goods industry. Its Distillery Products segment primarily offers food grade alcohol, fuel grade alcohol, and distillers feed. The company’s Ingredient Solutions segment primarily provides specialty wheat starches and proteins, commodity wheat starches, and commodity vital wheat gluten. MGP Ingredients, Inc. is headquartered in Atchison, Kansas.”

Insitutional Activity: The institutional sentiment decreased to 1.29 in Q2 2016. Its down 0.60, from 1.89 in 2016Q1. The ratio turned negative, as 9 funds sold all MGP Ingredients Inc shares owned while 26 reduced positions. 32 funds bought stakes while 34 increased positions. They now own 8.17 million shares or 26.91% more from 6.44 million shares in 2016Q1.
Amer Grp Incorporated holds 0% or 7,221 shares in its portfolio. Bancshares Of Montreal Can holds 0% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI) for 157 shares. Invesco Limited has 0% invested in the company for 93,277 shares. Moreover, Tieton Cap Management Llc has 4.75% invested in MGP Ingredients Inc (NASDAQ:MGPI) for 127,655 shares. Raymond James Serv Advisors last reported 1.20 million shares in the company. The New York-based Suffolk Cap Mngmt Limited Liability has invested 0.31% in MGP Ingredients Inc (NASDAQ:MGPI). Eam Invsts Ltd Company holds 0.94% or 163,999 shares in its portfolio. Moreover, Ameriprise Fin has 0% invested in MGP Ingredients Inc (NASDAQ:MGPI) for 89,807 shares. Aqr Mngmt Limited Liability Co holds 0% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI) for 43,846 shares. Springbok Cap Ltd Com has invested 0.01% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI). California State Teachers Retirement owns 26,304 shares or 0% of their US portfolio. Legal General Gru Public Ltd Co has 0% invested in the company for 1,644 shares. Moreover, Pembroke has 1.97% invested in MGP Ingredients Inc (NASDAQ:MGPI) for 565,465 shares. Goldman Sachs Gp accumulated 0% or 20,247 shares. Croft last reported 0.12% of its portfolio in the stock.

Insider Transactions: Since June 28, 2016, the stock had 1 buy, and 11 insider sales for $3.79 million net activity. SCHALLER DARYL had sold 35,000 shares worth $1.54 million. Griffin Augustus C. had bought 3,000 shares worth $115,260. 855 shares were sold by Seaberg Karen, worth $36,713. Shares for $201,250 were sold by RINDOM DAVID E. DYKSTRA DAVID E had sold 6,000 shares worth $240,360 on Friday, September 16. Glaser Stephen J sold $207,895 worth of stock or 5,187 shares.

More recent MGP Ingredients Inc (NASDAQ:MGPI) news were published by: Prnewswire.com which released: “SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation …” on October 28, 2016. Also Valuewalk.com published the news titled: “Apis Capital Long Thesis: MGP Ingredients Inc (MGPI)” on June 09, 2016. Nasdaq.com‘s news article titled: “MGP Ingredients, Inc. (MGPI) Ex-Dividend Date Scheduled for November 09, 2016” with publication date: November 08, 2016 was also an interesting one.

MGPI Company Profile

MGP Ingredients, Inc., incorporated on October 18, 2011, is a holding company. The Company’s principal operating subsidiaries are MGPI Processing, Inc. and MGPI of Indiana, LLC (MGPI-I). The Firm 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. The Firm also produces industrial alcohol for use in both food and non-food applications. The Company’s distillery products are derived from corn and other grains, including rye, barley, wheat, barley malt and milo. The Firm operates through two divisions: distillery products and ingredient solutions. The Company’s distillery products segment consists of food grade alcohol and co-products of its distillery operations, including distillers feed, fuel grade alcohol and corn oil. The Company’s ingredient solutions segment consists of specialty wheat starches, specialty wheat proteins, commodity wheat starch and commodity wheat protein.

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