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

MGP Ingredients (NASDAQ:MGPI) had its price target lowered by stock analysts at Wells Fargo & Company from $58.00 to $44.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 20.19% from the stock’s previous close.

Several other equities analysts also recently commented on MGPI. Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Roth Mkm dropped their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Finally, Truist Financial decreased their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Three investment 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Stock Up 0.1 %

MGPI opened at $36.61 on Tuesday. The company has a market capitalization of $803.70 million, a PE ratio of 7.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.65. 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 has a fifty-two week low of $35.40 and a fifty-two week high of $95.12. The business has a 50-day moving average of $44.55 and a 200-day moving average of $67.26.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million during 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 revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.34 earnings per share. Equities research analysts forecast that MGP Ingredients will post 5.57 EPS for the current fiscal year.

Insider Transactions at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

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