Market Runner: MGP Ingredients Inc on Focus After Trading At 52-Week Highs

Market Runner: MGP Ingredients Inc on Focus After Trading At 52 Week Highs

The stock of MGP Ingredients Inc (NASDAQ:MGPI) hit a new 52-week high and has $71.56 target or 54.00% above today’s $46.47 share price. The 8 months bullish chart indicates low risk for the $777.14 million company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $71.56 price target is reached, the company will be worth $419.66M 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 242,072 shares traded hands. MGP Ingredients Inc (NASDAQ:MGPI) has risen 77.15% since April 15, 2016 and is uptrending. It has outperformed by 72.53% 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 increased to 1.89 in Q2 2016. Its up 0.94, from 0.95 in 2016Q1. The ratio increased, 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.
Susquehanna Group Llp has 7,224 shares for 0% of their US portfolio. Glenmede Communications Na reported 550 shares or 0% of all its holdings. Citadel Advisors Ltd Llc, a Illinois-based fund reported 8,180 shares. Manufacturers Life The accumulated 8,753 shares or 0% of the stock. Ameriprise Fin Inc holds 0% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI) for 89,807 shares. Alliancebernstein L P holds 0% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI) for 15,300 shares. Dimensional Fund Advsrs Lp accumulated 1.10M shares or 0.02% of the stock. Retail Bank Of Ny Mellon has invested 0% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI). Moreover, Blackrock Fund has 0% invested in MGP Ingredients Inc (NASDAQ:MGPI) for 327,840 shares. Rhumbline Advisers holds 13,180 shares or 0% of its portfolio. Renaissance Technologies Lc owns 49,100 shares or 0% of their US portfolio. Advisors Asset Mgmt holds 0.01% or 23,269 shares in its portfolio. Axa holds 0.01% or 31,172 shares in its portfolio. Teacher Retirement Systems Of Texas has 1,637 shares for 0% of their US portfolio. Metropolitan Life Insur New York has invested 0% of its portfolio in MGP Ingredients Inc (NASDAQ:MGPI).

Insider Transactions: Since June 28, 2016, the stock had 1 insider purchase, and 9 insider sales for $2.21 million net activity. Shares for $240,360 were sold by DYKSTRA DAVID E. On Friday, September 16 the insider RINDOM DAVID E sold $293,213. Griffin Augustus C. bought $115,260 worth of stock. Shares for $10,091 were sold by Seaberg Karen. Another trade for 5,187 shares valued at $207,895 was sold by Glaser Stephen J.

More important 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 article titled: “Apis Capital Long Thesis: MGP Ingredients Inc (MGPI)”, Nasdaq.com published: “MGP Ingredients, Inc. (MGPI) Ex-Dividend Date Scheduled for November 09, 2016” on November 08, 2016. More interesting news about MGP Ingredients Inc (NASDAQ:MGPI) was released by: Bizjournals.com and their article: “MGP Ingredients seeks answers, braces for fallout after noxious gas release” with publication date: October 24, 2016.

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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