MGP Ingredients (NASDAQ:MGPI) Rating Lowered to Hold at Lake Street Capital

MGP Ingredients (NASDAQ:MGPI) was downgraded by research analysts at Lake Street Capital from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Briefing.com reports. They currently have a $75.00 target price on the stock, down from their prior target price of $135.00. Lake Street Capital’s price target indicates a potential downside of 8.05% from the stock’s current price.

A number of other brokerages also recently commented on MGPI. Truist Financial lowered their target price on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday. Roth Mkm reaffirmed a “buy” rating and set a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.50.

MGP Ingredients Stock Performance

MGP Ingredients stock opened at $81.57 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The company has a market cap of $1.80 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59. MGP Ingredients has a fifty-two week low of $68.86 and a fifty-two week high of $102.58. The firm’s 50 day simple moving average is $84.57 and its 200-day simple moving average is $80.31.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.17. The firm had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.49 EPS. As a group, equities research analysts predict that MGP Ingredients will post 6.25 EPS for the current year.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares in the company, valued at approximately $4,944,232.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. nVerses Capital LLC boosted its holdings in MGP Ingredients by 118.2% during the third quarter. nVerses Capital LLC now owns 2,400 shares of the company’s stock valued at $200,000 after acquiring an additional 1,300 shares during the period. ZWJ Investment Counsel Inc. lifted its position in shares of MGP Ingredients by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock worth $24,440,000 after purchasing an additional 7,042 shares during the last quarter. Creative Planning boosted its stake in MGP Ingredients by 66.3% during the 3rd quarter. Creative Planning now owns 13,145 shares of the company’s stock valued at $1,094,000 after purchasing an additional 5,241 shares during the period. Diversified Trust Co grew its holdings in MGP Ingredients by 4.7% in the 3rd quarter. Diversified Trust Co now owns 15,125 shares of the company’s stock valued at $1,259,000 after buying an additional 675 shares during the last quarter. Finally, Park Avenue Securities LLC grew its holdings in MGP Ingredients by 19.4% in the 3rd quarter. Park Avenue Securities LLC now owns 3,378 shares of the company’s stock valued at $281,000 after buying an additional 549 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.