MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $37.00 by Analysts at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI - Get Free Report) had its target price dropped by research analysts at Wells Fargo & Company from $40.00 to $37.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 41.35% from the company's current price.

MGPI has been the subject of a number of other research reports. 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 research report on Monday, December 23rd. Lake Street Capital raised MGP Ingredients from a "hold" rating to a "buy" rating and lowered their price objective for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Finally, StockNews.com lowered MGP Ingredients from a "hold" rating to a "sell" rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, MGP Ingredients currently has an average rating of "Moderate Buy" and a consensus target price of $66.00.

MGP Ingredients Stock Down 3.4 %

MGPI stock traded down $0.91 during trading on Wednesday, reaching $26.18. The stock had a trading volume of 148,013 shares, compared to its average volume of 313,927. 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 has a 1-year low of $25.41 and a 1-year high of $92.52. The firm has a fifty day moving average price of $32.07 and a 200 day moving average price of $45.74. The company has a market capitalization of $556.76 million, a P/E ratio of 5.45 and a beta of 0.61.

Insider Activity

In related news, Director Karen Seaberg purchased 5,348 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the acquisition, the director now owns 358,899 shares of the company's stock, valued at approximately $11,696,518.41. This represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 36.20% of the company's stock.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently modified their holdings of MGPI. Vanguard Group Inc. boosted its position in shares of MGP Ingredients by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company's stock valued at $44,337,000 after purchasing an additional 7,471 shares during the period. FMR LLC lifted its stake in MGP Ingredients by 14.2% during the third quarter. FMR LLC now owns 1,102,985 shares of the company's stock valued at $91,824,000 after buying an additional 137,292 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of MGP Ingredients by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company's stock worth $36,017,000 after buying an additional 57,714 shares during the period. Wasatch Advisors LP purchased a new position in shares of MGP Ingredients in the fourth quarter worth approximately $28,388,000. Finally, State Street Corp raised its holdings in shares of MGP Ingredients by 22.4% during the third quarter. State Street Corp now owns 717,675 shares of the company's stock valued at $59,746,000 after acquiring an additional 131,542 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.