MGP Ingredients (NASDAQ:MGPI) Rating Lowered to Sell at StockNews.com

MGP Ingredients (NASDAQ:MGPI) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Several other equities research analysts have also issued reports on the stock. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price for the stock from $135.00 to $75.00 in a report on Friday, October 18th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday. Truist Financial reduced their target price on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, Roth Mkm cut their price objective on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, MGP Ingredients presently has a consensus rating of “Hold” and an average target price of $88.60.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $57.50 on Monday. The firm’s 50 day moving average price is $83.10 and its 200-day moving average price is $79.78. MGP Ingredients has a twelve month low of $56.50 and a twelve month high of $102.42. The company has a quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $1.27 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.17. The company had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.49 EPS. Equities research analysts expect that MGP Ingredients will post 6.25 EPS for the current year.

Insider Buying and Selling at MGP Ingredients

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. Vanguard Group Inc. grew its holdings in shares of MGP Ingredients by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 1,126,323 shares of the company’s stock valued at $110,965,000 after purchasing an additional 31,839 shares in the last quarter. Diversified Trust Co grew its holdings in shares of MGP Ingredients by 60.0% in the first quarter. Diversified Trust Co now owns 11,600 shares of the company’s stock valued at $999,000 after purchasing an additional 4,350 shares in the last quarter. Congress Wealth Management LLC DE grew its holdings in shares of MGP Ingredients by 41.9% in the first quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock valued at $4,329,000 after purchasing an additional 14,843 shares in the last quarter. Norden Group LLC purchased a new position in shares of MGP Ingredients in the first quarter valued at $261,000. Finally, Peterson Wealth Services lifted its position in MGP Ingredients by 223.2% in the first quarter. Peterson Wealth Services now owns 7,237 shares of the company’s stock worth $623,000 after buying an additional 4,998 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.