MGP Ingredients (NASDAQ:MGPI - Get Free Report) had its target price dropped by analysts at Truist Financial from $85.00 to $75.00 in a report released on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target would indicate a potential upside of 64.76% from the company's current price.
Other analysts have also recently issued research reports about the stock. Loop Capital set a $75.00 price target on shares of 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 research note on Monday, October 21st. Lake Street Capital cut shares of MGP Ingredients from a "buy" rating to a "hold" rating and decreased their price target for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Finally, Roth Mkm decreased their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $86.60.
Read Our Latest Stock Analysis on MGPI
MGP Ingredients Stock Performance
Shares of MGPI stock traded down $2.52 during mid-day trading on Friday, reaching $45.52. 1,024,131 shares of the company's stock traded hands, compared to its average volume of 232,156. MGP Ingredients has a 12 month low of $45.48 and a 12 month high of $102.42. The firm has a 50 day moving average price of $78.66 and a two-hundred day moving average price of $78.64. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The firm has a market capitalization of $1.00 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.92 and a beta of 0.59.
MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. MGP Ingredients's quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 EPS. On average, research analysts forecast that MGP Ingredients will post 5.58 EPS for the current year.
Insider Buying and Selling
In related news, Director Karen Seaberg sold 12,092 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the sale, the director now directly owns 54,542 shares of the company's stock, valued at $4,944,232.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On MGP Ingredients
A number of hedge funds have recently added to or reduced their stakes in MGPI. CWM LLC grew its stake in MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company's stock worth $29,000 after acquiring an additional 325 shares in the last quarter. Isthmus Partners LLC grew its stake in MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company's stock worth $31,000 after acquiring an additional 860 shares in the last quarter. Innealta Capital LLC bought a new position in MGP Ingredients in the 2nd quarter worth about $42,000. LRI Investments LLC bought a new position in MGP Ingredients in the 1st quarter worth about $43,000. Finally, Farther Finance Advisors LLC grew its stake in MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after acquiring an additional 186 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors.
About MGP Ingredients
(
Get Free Report)
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.
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