Truist Financial Lowers MGP Ingredients (NASDAQ:MGPI) Price Target to $75.00

MGP Ingredients (NASDAQ:MGPI) had its target price dropped by Truist Financial from $85.00 to $75.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 56.94% from the company’s current price.

Other research analysts also recently issued research reports about the company. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Roth Mkm lowered their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $86.60.

MGP Ingredients Trading Down 0.5 %

MGPI stock traded down $0.25 during trading on Friday, hitting $47.79. The company had a trading volume of 184,735 shares, compared to its average volume of 228,164. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 0.92 and a beta of 0.59. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $79.47 and a 200-day moving average price of $78.85. MGP Ingredients has a 12 month low of $47.62 and a 12 month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly 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. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the previous year, the company earned $1.34 EPS. MGP Ingredients’s revenue was down 23.7% on a year-over-year basis. As a group, analysts predict that MGP Ingredients will post 5.58 earnings per share for the current year.

Insider Transactions at MGP Ingredients

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Champlain Investment Partners LLC lifted its holdings in shares of MGP Ingredients by 25.4% in the first quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company’s stock worth $117,732,000 after acquiring an additional 276,675 shares during the last quarter. Vanguard Group Inc. increased its holdings in MGP Ingredients by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company’s stock worth $97,766,000 after purchasing an additional 8,770 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of MGP Ingredients by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after purchasing an additional 68,278 shares during the last quarter. Ariel Investments LLC grew its position in shares of MGP Ingredients by 92.7% in the 2nd quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after buying an additional 248,076 shares during the last quarter. Finally, Congress Asset Management Co. grew its stake in MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock worth $40,838,000 after purchasing an additional 76,835 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

About MGP Ingredients

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.