MGP Ingredients (NASDAQ:MGPI) Stock Rating Lowered by TD Cowen

MGP Ingredients (NASDAQ:MGPI) was downgraded by equities research analysts at TD Cowen from a “buy” rating to a “hold” rating in a report issued on Wednesday, FinViz reports. They presently have a $50.00 target price on the stock, down from their previous target price of $66.00. TD Cowen’s target price would indicate a potential upside of 6.50% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Truist Financial reduced their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Roth Mkm cut their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.67.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $46.95 on Wednesday. MGP Ingredients has a one year low of $45.44 and a one year high of $102.42. The company has a market cap of $1.03 billion, a P/E ratio of 9.76, a P/E/G ratio of 0.74 and a beta of 0.66. The firm has a 50-day moving average of $75.97 and a 200-day moving average of $77.95. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 EPS. Equities research analysts forecast that MGP Ingredients will post 5.58 EPS for the current fiscal year.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 36.20% of the stock is owned by insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of the company. Scout Investments Inc. lifted its stake in MGP Ingredients by 30.5% in the 1st quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after purchasing an additional 20,073 shares in the last quarter. Natixis Advisors LLC boosted its stake in MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after buying an additional 13,332 shares during the period. ZWJ Investment Counsel Inc. boosted its stake in MGP Ingredients by 2.5% during the third quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after buying an additional 7,042 shares during the period. Envestnet Asset Management Inc. grew its position in MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after buying an additional 19,203 shares in the last quarter. Finally, Earnest Partners LLC increased its stake in MGP Ingredients by 16.0% in the 2nd quarter. Earnest Partners LLC now owns 109,226 shares of the company’s stock worth $8,126,000 after acquiring an additional 15,090 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other 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.