MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $44.00 at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI) had its target price decreased by Wells Fargo & Company from $58.00 to $44.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 15.42% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Truist Financial lowered their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm cut their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGP Ingredients currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.29.

MGP Ingredients Stock Down 1.1 %

Shares of NASDAQ MGPI traded down $0.41 during mid-day trading on Tuesday, reaching $38.12. 31,425 shares of the company’s stock were exchanged, compared to its average volume of 337,647. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $45.34 and a 200 day simple moving average of $67.74. MGP Ingredients has a twelve month low of $37.65 and a twelve month high of $95.83. The firm has a market capitalization of $836.85 million, a price-to-earnings ratio of 7.93, a PEG ratio of 0.74 and a beta of 0.65.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.34 EPS. As a group, equities analysts expect that MGP Ingredients will post 5.57 EPS for the current fiscal year.

Insider Activity at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares in the company, valued at $1,720,279.19. The trade was a 15.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 36.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its stake in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares during the period. GAMMA Investing LLC increased its position in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its position in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares during the period. Finally, Point72 DIFC Ltd boosted its position in shares of MGP Ingredients by 2,375.6% in the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after purchasing an additional 974 shares during the period. 77.11% of the stock is owned by institutional investors.

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.