MGP Ingredients (NASDAQ:MGPI) Stock Rating Upgraded by StockNews.com

MGP Ingredients (NASDAQ:MGPI - Get Free Report) was upgraded by stock analysts at StockNews.com from a "sell" rating to a "hold" rating in a research note issued on Friday.

A number of other research analysts have also recently issued reports on the stock. Truist Financial lowered their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Friday. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a "buy" rating to a "hold" rating and lowered their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Finally, Roth Mkm cut their target price on MGP Ingredients from $92.00 to $88.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $86.60.

MGP Ingredients Trading Down 5.2 %

NASDAQ:MGPI traded down $2.52 during trading hours on Friday, hitting $45.52. The company had a trading volume of 1,024,131 shares, compared to its average volume of 232,156. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The stock has a 50-day moving average price of $78.66 and a 200 day moving average price of $78.64. The company 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 has a 52 week low of $45.48 and a 52 week high of $102.42.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share. On average, equities research analysts predict that MGP Ingredients will post 5.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 1,109 shares of the company's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now directly owns 134,969 shares in the company, valued at $12,166,105.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 36.20% of the company's stock.

Hedge Funds Weigh In On MGP Ingredients

Several large investors have recently added to or reduced their stakes in the company. Champlain Investment Partners LLC boosted its holdings in MGP Ingredients by 25.4% in the 1st quarter. Champlain Investment Partners LLC now owns 1,366,906 shares of the company's stock worth $117,732,000 after buying an additional 276,675 shares during the period. Vanguard Group Inc. boosted its stake in shares of MGP Ingredients by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,135,093 shares of the company's stock worth $97,766,000 after acquiring an additional 8,770 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of MGP Ingredients by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company's stock worth $58,801,000 after acquiring an additional 68,278 shares during the period. Ariel Investments LLC grew its position in shares of MGP Ingredients by 92.7% during the second quarter. Ariel Investments LLC now owns 515,796 shares of the company's stock worth $38,375,000 after purchasing an additional 248,076 shares in the last quarter. Finally, Congress Asset Management Co. raised its stake in MGP Ingredients by 18.6% during the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company's stock valued at $40,838,000 after purchasing an additional 76,835 shares during the period. Hedge funds and other institutional investors own 77.11% of the company's stock.

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.

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