Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $71.29

Shares of MGP Ingredients, Inc. (NASDAQ:MGPI) have earned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $71.29.

Several analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Truist Financial cut their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Roth Mkm cut their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th.

MGP Ingredients Trading Up 2.4 %

Shares of NASDAQ:MGPI opened at $33.15 on Friday. The company has a 50 day moving average of $37.85 and a 200-day moving average of $59.34. The firm has a market cap of $727.64 million, a P/E ratio of 6.89 and a beta of 0.62. MGP Ingredients has a twelve month low of $31.81 and a twelve month high of $92.90. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the transaction, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MGPI. Creative Planning increased its stake in MGP Ingredients by 66.3% in the 3rd quarter. Creative Planning now owns 13,145 shares of the company’s stock valued at $1,094,000 after buying an additional 5,241 shares during the period. ZWJ Investment Counsel Inc. increased its stake in MGP Ingredients by 2.5% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after buying an additional 7,042 shares during the period. nVerses Capital LLC increased its stake in MGP Ingredients by 118.2% in the 3rd quarter. nVerses Capital LLC now owns 2,400 shares of the company’s stock valued at $200,000 after buying an additional 1,300 shares during the period. Foundations Investment Advisors LLC acquired a new position in MGP Ingredients in the 3rd quarter valued at approximately $208,000. Finally, Congress Asset Management Co. increased its stake in MGP Ingredients by 18.6% in the 3rd quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after buying an additional 76,835 shares during the period. 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.