Wells Fargo & Company Forecasts Strong Price Appreciation for MGP Ingredients (NASDAQ:MGPI) Stock

MGP Ingredients (NASDAQ:MGPI) had its price target boosted by Wells Fargo & Company from $17.00 to $20.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 15.90% from the company’s current price.

A number of other brokerages also recently issued reports on MGPI. Roth Capital reduced their price objective on shares of MGP Ingredients from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of MGP Ingredients in a research note on Friday, July 31st. Finally, TD Cowen lifted their price target on MGP Ingredients from $18.00 to $20.00 and gave the company a “hold” rating in a research report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $26.25.

MGP Ingredients Trading Up 3.1%

NASDAQ MGPI opened at $17.26 on Thursday. The stock has a market cap of $369.45 million, a P/E ratio of -1.50 and a beta of 0.49. MGP Ingredients has a fifty-two week low of $12.42 and a fifty-two week high of $26.62. The stock has a 50 day simple moving average of $15.03 and a two-hundred day simple moving average of $18.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.65 and a current ratio of 6.99.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Wednesday, October 28th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.07. MGP Ingredients had a positive return on equity of 7.41% and a negative net margin of 48.08%. The firm had revenue of $117.91 million for the quarter, compared to analysts’ expectations of $119.70 million. During the same period in the previous year, the firm earned $0.85 earnings per share. The business’s revenue was down 9.9% compared to the same quarter last year. On average, analysts forecast that MGP Ingredients will post 1.65 earnings per share for the current year.

Insider Activity

In related news, insider Leslie Lux sold 27,731 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $14.40, for a total value of $399,326.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul S. Lux sold 33,000 shares of MGP Ingredients stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $17.76, for a total value of $586,080.00. Following the completion of the transaction, the insider owned 550,458 shares in the company, valued at $9,776,134.08. This represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 31.70% of the company’s stock.

Institutional Trading of MGP Ingredients

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc purchased a new stake in MGP Ingredients in the second quarter valued at about $28,000. GAMMA Investing LLC raised its stake in MGP Ingredients by 334.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,439 shares of the company’s stock worth $32,000 after acquiring an additional 1,877 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of MGP Ingredients in the second quarter valued at about $55,000. Versant Capital Management Inc boosted its position in MGP Ingredients by 398.6% in the third quarter. Versant Capital Management Inc now owns 6,901 shares of the company’s stock valued at $91,000 after buying an additional 5,517 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of MGP Ingredients in the second quarter worth $111,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

MGP Ingredients Company Profile

MGP Ingredients, Inc (NASDAQ: MGPI) is a producer and marketer of distilled spirits and specialty food and beverage ingredients. The company operates distilleries and processing facilities that manufacture bourbon, rye whiskey, vodka, gin, tequila and other distilled products, as well as grain-based alcohol and related ingredients.

The company serves customers through both its Distilling Solutions and Branded Spirits businesses. Its branded portfolio includes products such as Ezra Brooks, Yellowstone, Daviess County, El Mayor and Everclear, while its distilling operations supply spirits and alcohol to beverage companies and other commercial customers.