MGP Ingredients (NASDAQ:MGPI) Price Target Lowered to $44.00 at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI - Get Free Report) had its target price decreased by research analysts at Wells Fargo & Company from $58.00 to $44.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 20.32% from the company's current price.

A number of other equities research analysts have also issued reports on MGPI. Truist Financial reduced their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, November 1st. TD Cowen cut shares of MGP Ingredients from a "buy" rating to a "hold" rating and reduced their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Lake Street Capital lowered shares of MGP Ingredients from a "buy" rating to a "hold" rating and dropped their price objective for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Roth Mkm cut their price target on MGP Ingredients from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, December 23rd. Finally, StockNews.com upgraded shares of MGP Ingredients from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $71.29.

MGP Ingredients Trading Down 5.1 %

NASDAQ:MGPI traded down $1.96 on Tuesday, reaching $36.57. The company's stock had a trading volume of 440,368 shares, compared to its average volume of 444,142. MGP Ingredients has a 12-month low of $36.52 and a 12-month high of $95.83. The stock has a 50 day moving average price of $45.34 and a 200 day moving average price of $67.74. The firm has a market cap of $802.82 million, a price-to-earnings ratio of 7.60, a price-to-earnings-growth ratio of 0.74 and a beta of 0.65. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company had revenue of $161.50 million for the quarter, compared to analysts' expectations of $161.55 million. During the same quarter in the prior year, the company posted $1.34 earnings per share. MGP Ingredients's revenue for the quarter was down 23.7% compared to the same quarter last year. On average, equities analysts anticipate that MGP Ingredients will post 5.57 EPS for the current fiscal year.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 36.20% of the company's stock.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in MGP Ingredients by 162.0% in the 4th 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 last quarter. Versant Capital Management Inc increased its stake in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company's stock valued at $28,000 after purchasing an additional 460 shares during the last quarter. Farther Finance Advisors LLC lifted its position in MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company's stock worth $50,000 after buying an additional 186 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company's stock worth $63,000 after acquiring an additional 322 shares during the period. Finally, Point72 DIFC Ltd increased its holdings in shares of MGP Ingredients by 2,375.6% during the 3rd quarter. Point72 DIFC Ltd now owns 1,015 shares of the company's stock worth $84,000 after buying an additional 974 shares during the last quarter. Institutional investors and hedge funds own 77.11% of the company's stock.

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.