Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Target Price at $71.29

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) has received an average rating of "Moderate Buy" from the six research firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $71.29.

MGPI has been the topic of a number of analyst reports. Wells Fargo & Company lowered their price objective on MGP Ingredients from $58.00 to $44.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. TD Cowen lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and dropped their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. 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. StockNews.com upgraded shares of MGP Ingredients from a "sell" rating to a "hold" rating in a report on Friday, November 1st. Finally, Roth Mkm decreased their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, December 23rd.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the transaction, the director now directly owns 37,373 shares of the company's stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by company insiders.

Institutional Trading of MGP Ingredients

Several hedge funds have recently added to or reduced their stakes in MGPI. GAMMA Investing LLC grew 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 holdings in shares of MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. Farther Finance Advisors LLC grew its position 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 purchasing an additional 186 shares during the period. First Horizon Advisors Inc. grew its position in shares of MGP Ingredients by 73.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock valued at $63,000 after purchasing an additional 322 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock worth $75,000 after purchasing an additional 687 shares in the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

MGP Ingredients Stock Up 2.4 %

MGP Ingredients stock traded up $0.78 during mid-day trading on Friday, hitting $33.15. 352,325 shares of the company's stock were exchanged, compared to its average volume of 325,703. MGP Ingredients has a 1-year low of $31.81 and a 1-year high of $92.90. The stock has a 50 day moving average of $37.58 and a two-hundred day moving average of $58.97. The stock has a market cap of $727.64 million, a P/E ratio of 6.89 and a beta of 0.62. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

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.